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Competitive Advantage - Assignment Example

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This is better termed as competitive advantage and its entails a company having pool of dynamic skills, strengths and abilities that will propel it far above its competitors. In addition to…
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Competitive advantage It is the desire of every company or organization to the on top of its game in all areas. This is better termed as competitive advantage and its entails a company having pool of dynamic skills, strengths and abilities that will propel it far above its competitors. In addition to being the very best in the industry, some companies find it more appropriate to differentiate their products and services from those of other companies (Pearce & Robinson, 2012).
In an effort to create an edge in competitive advantage, it is advisable to factor in all areas such as cost, differentiation and speed (Pearce & Robinson, 2012). All these factors create competitive advantages for a company in different ways and need be looked into so that in case one fails, the others can still remain relevant for a company. In relation to cost, it entails a firm being in able to offer its products and services at reasonable prices and still make profits. To attain this, a firms recruits labor and conducts education and training forums to keep them up to date with the company’s expectations and save on production costs.
On the aspect of differentiation, a company will want to create an advantage on its products with respect to branding, quality as well as innovation among other issues. The main aim of differentiating goods and services ought to be, to satisfy each customer’s needs and give quality for money paid (Pearce & Robinson, 2012). Every customer wants to feel good about a particular brand purchased, and have the willingness to purchase it another time comfortably.
Speed should also be factored in a company’s competitive advantage since; it provides efficiency in the delivery of goods and services. Consequently, having fair and reliable distribution channels is an added advantage to any company. A reliable delivery service with a strong distribution network plays a major role in attracting a large client base for the company (Pearce & Robinson, 2012).
In conclusion, it is therefore essential for any company willing to expand and grow above its competitors, to adopt all the three factors to relation to boosting a company’s competitive advantage.
References
Pearce, J., & Robinson, R. (2012). Strategic management: Planning for domestic & global competition. McGraw Hill. Read More
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