Gen200-_Research_Strategies_Paper

Gen200-_Research_Strategies_Paper - Running Head: A...

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Running Head: A Competitive Edge: Understanding Market Share Research 1 A Competitive Edge: Understanding Market Share Research (Insert First and Last Name) University of Phoenix
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Running Head: A Competitive Edge: Understanding Market Share Research 2 A Competitive Edge: Understanding Market Share Research With the economical changes, companies have increased their focus on understanding the advantages of strategic competitive planning successfully to secure their industry’s market share. Companies strive to seek out those competitive advantages as an edge that will make doing business with them more attractive and compelling than with other businesses. Therefore, businesses must be innovative in executing a competitive plan that delivers a distinct value to their customers. Without some distinct competitive advantages, companies could potentially fall short of their customers’ expectations based on what by other companies. By gaining a sustainable competitive advantage, a company has to make good use of its internal resources and capabilities to exploit external opportunities to target their competitors’ approach, addresses industry trends, and adjust based on results to improve value (Hodges, 2007). For companies to develop a competitive strategy, it begins with a thorough assessment of how a business will perform relative to competitors. By compiling information about the business, it provides a benchmark for comparison with other businesses as a competitive advantage. Once a company understands their business and position within that particular industry, they can use the available resources to assess their competitor’s strategic position. As
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Gen200-_Research_Strategies_Paper - Running Head: A...

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