Building a Competitive Advantage
Companies in the market are constantly competing against each other to provide the best customer satisfaction. The whole purpose of building a competitive advantage
is so competitors will find it difficult to match or counter. This is often involved with long-term businesses. There are several ways competitive advantage can be developed and here are a few tips:
- Strategic leadership where a vision and mission statement is developed.
- Core competencies that customers want must be developed and must be hard to imitate by others.
- Companies must know their market place where they can completely dominate.
- A strong customer loyalty must be built to make sure customers are satisfied at all times.