Each of these concepts has very different implications for the organization as it relates to being able to successfully outperform competition. Competitive advantage is defined as the specific strategic advantages that a company maintains over rival companies in the same market or industry that serves to strengthen business position. Others consider competitive advantage to be the implementation of a unique value creation that is not currently being exploited by competition (Clulow, Gerstman & Barry, 2003). Whatever the actual definition of competitive advantage, it cannot be successfully achieved without efficiency, quality, innovation and customer responsiveness as the foundation of business. Efficiency means being able to produce more outputs than competition at a much lower price for inputs. The end result of being able to achieve this is having a cost advantage over competition. Cost advantages give the business opportunities to consider flexible pricing structures as they can now provide products at a much lower input cost. Efficiency could be achieved by setting up a lean production system that uses less physical raw resources and also reduce reliance on labor payments for manufacturing. A business might be able to find, through strategic alliances along the supply chain, opportunities for volume discounts on raw product procurement. This represents lower input costs to achieve the same or higher outputs. Quality is a very important dimension for achieving competitive advantage. ...Show more
The four building blocks of competitive advantage include efficiency, quality, innovation and customer responsiveness. Each of these concepts has very different implications for the organization as it relates to being able to successfully outperform competition. …
Child care centers provide children with nutritional meals and also ensure their safety. They take care of infants and school children. The demand for child care centers has increased rapidly because of the rise in the percentage of working American parents.
Introduction to the Research Study The level of competition that firms in the modern market have to face is significant; usually, the firms that are able to develop appropriate strategies for promoting innovation and change are more likely to keep their competitiveness in the domestic and the international market.
Some of the greatest companies struggled to identify proper business strategies for international markets even though they are huge success in their domestic market. For example, Parker Pen Company failed to market its products properly in international market because of the visionless strategies they implemented in international market.
The use of other strategic tools, like the increase of brands and the continuous development of technology used in business operations can also offer to the firm involved a significant advantage towards its competitors. South African Breweries is a leading firm in the South
Southwest Airlines began in 1972 its first marketing operation with a television ad showing a good-looking female flight attendant (Box & Byus, 2009). Southwest Airlines joined the airlines industry with an aggressive pricing
In addition, its strength lies in its popularity following its industrial look. It is popular for lunch, drinks after work, and its DJ sessions over the weekend. The vintage shop is eye catching since its carefully selected outfits are attractive to its
Yahoo.com offers news and various other services including email service and earns most of its revenue through advertisement. Amazon on the other hand sells books together with a collection of consumer as
In most cases the differentiation strategy that exists in the business must use a target segment that exists in the market in order to deliver the message that the products is different in a positive way from all the other
According to the report business organizations around the world are always faced with the challenge of rival organizations trading in similar products or services. It is never guaranteed that a business organization that tops above others will remain at the top. Competitive advantage has been defined as that favourable position.
4 pages (1000 words)Research Paper
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