Building a Competitive Advantage.docx

Building a Competitive Advantage.docx - Running head...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Running head: BUILDING A COMPETITIVE ADVANTAGE 1 Building a Competitive Advantage Name Institution Date
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
BUILDING A COMPETITIVE ADVANTAGE 2 Competitive advantage Competitive advantage is defined as the attribute which allows a business organization to outdo its main competitors in the same market. The competitive advantages are related to factors such as brand, cost structure, the quality of a product, distribution channels as well as customer support. Within the business environment, different business organizations compete for customers. Therefore, for a company to be successful, it has to put in place a competitive strategy which outperforms that of the competitors. There are four main competitive strategies which manufacturers can make use of so as to gain competitive advantage have over the competitors which include (Dyer et al., 2016); 1. Cost leadership This is the first competitive advantage which manufacturers can use so as to gain competitive advantage. It is the advantage which occurs when a business organization has the ability to produce the same quality product as the main competitors at a lower price. Manufacturers can enjoy this by looking for the ways in which they can produce the same goods as their competitors at lower expenses. This can be achieved by making the production approaches perfect or by using the available resources in a more and better efficient ways than their main competitors. The main aim of this strategy is making the making to be the cheapest the provider of the products within the market therefore making it challenging for the competitors to remain in the market.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern