Competitive Advantage Question

label Business & Finance
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

How can you develop a competitive advantage in your business model?

Oct 3rd, 2015

Thank you for the opportunity to help you with your question!

1) Researching the target market and the your competitors- A good entrepreneur should research on what the market wants . He should also research the methods used by his competitors to satisfy the market and improve on them to gain a competitive advantage.

2)Use of defensive and offensive strategies-

   -This can be done by forming alliance with another company and should NOT  be a company that produces the same product as you. Instead, it should be a company offering you the raw materials to make the final product. You could combine advertising efforts . You can then

  >increase market share by increasing the prices

  > Differinciate your products from competitor peroducts through branding and packaging to attract your target market

 > Offer customers services e.g free delivery

 > Allow customers to say what they feel about the product

 > Create new and upadted technology to allow fast services to the customers.

 > Employ qualified personnel.

 > Always stay competitive.

 

Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 18th, 2015

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