Significant structure of Competition and Strategy that can increase profit.
A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices. Competitive Advantage is the conditions that allow the productive entity to generate more sales or superior margins compared to its market rivals. Business owners commonly develop business strategies in order to maintain a competitive advantage. What is the competitive advantage of your business and formula of the strategies, for achieving above average performance in an industry over its rivals? The goal of much of business strategy is to achieve a sustainable competitive advantage which is the cost advantage of your business.
Here is how companies achieve and sustain competitive success of Professor Michael Porter’s frameworks from Harvard Business School you should learn:
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To be successful, you need to be able to articulate the benefit you provide to your target market that you are better than the competitors. That’s your competitive advantage.
You must reinforce that message in every communication to your customers. That includes advertising, public relations, and online marketing. It even includes your storefront and employees.
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