Competitive Advantage Assignment Help
Here’s Where You Can Actually Implement Competitive Advantage
The advantages that you gain over your competitors, by providing your customers with products that offer a greater value either by providing a better service or by providing a lower price, is referred to as competitive advantage.
Why is it important to have a competitive advantage?
Competitive advantage is extremely beneficial for a particular company because otherwise, the company will have no economic reasons to exist. There are certain organizations which exist in the market because of this competitive advantage.This should be one of the most important traits that a company should focus on.
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Where can you implement competitive advantage?
The competitive advantages can actually come in a variety of forms and in different areas. Given below is a list of the areas where you can actually implement competitive advantage.
- If a particular company has a significant amount of market share, then it becomes a lot of problems for its competitors.This is also a very positive sign for the company because this means that its products are well known and very well accepted by their competitors.
Market share can be a bit of an issue especially for the new entrants,however if a particular industry has a good profit-making potential in the market, then the market share of an already existing organization can surely be removed.
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- If a particular company is able to manage its brand well, then it definitely ensures that the company will be successful in the long term. This helps the organization to earn very good profits and definitely helps in creating a competitive advantage.
- It has often been observed that certain companies provide their services and products at a very low price in order to create a competitive advantage. Though this is only short term but it definitely helps the company to establish its product in the market.
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