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s XYZ Co. Able to Identify and Exploit Sources of Competitive Advantage to Sustain The Emerging Competition
Pages 60 (15060 words)
Marketing XYZ Co. [The name of the writer will appear here] [The name of the institution will appear here] [The name of the Professor] [Course] [Date] Chapter 1 Introduction 1.0. The Growth of the Saudi Insurance Market The Saudi Insurance Market had experienced unprecedented changes during the past two decades.
Other changes followed the implementation of the first Saudi Insurance company's services, which were evident in the increased awareness of the people in regards to insurance policies, as well as the substantial increased risk in accordance with the introduction of compulsory motor third party liability (BMI, 2011). Other changes included the legislation passed which made health insurance on expatriates and their families mandatory and the increase in oil prices had also been reflected on the citizens of the country's personal incomes in accordance with classes that includes travel insurance (Ansari, 2011). Other insurances include life and property, which was subsequently followed by the increase in house loans, the amplified boost of the insurance market, as reinforced by the registration of more than 15 new insurance companies, thus fortifying the competition within the market. The growth in competition led to enjoining new entrants in the industry, which was supported by the government's efforts to open the chance for foreign capital to investment in Saudi's insurance sector (Ansari, 2011). 1.1. The Significance of Competitive Advantage among business firms A firm is equipped with competitive advantage when it has the means to edge out rivals when vying for the favour of customers. ...
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