Competitive Management Advantage
Jennifer U. Hinty
Principals Of Management
January 23, 2012
Obtaining competitive advantage is an important aspect of management today, because organizations exist in more global environment that ever before. Within most industries, organizations compete with each other, these companies provide the same goods, and services for less money, because they utilize resources in other countries, such as human resources in the third world or other low labor cost countries. Workers are paid a third of what the American make.
Competitive advantage management is a set of methods and strategies that work and also make it stand out in the market. Understanding the competitive advantage of your company over your Rival companies is your key to creating a dominant position in your market. Your business plan, that you have sketched as an outline of the future progress of your company you should include competitive advantage management. Without this your business plan will be incomplete and will be ineffective. The following are areas to concentrate on the advantage management:
* Promotion of the Business: this management advantage will promote your product and your service by putting into place effective marketing strategies. Your promotion and service plans is vital to your marketing of your business
* Cost Leadership: Most markets and most of your competition is based around price, by cost of leadership is hard to sustain, unless you can develop and propriety technology or monopolize your suppliers. Having a advantage management, as a focal point, you can develop a unique selling proposition that eliminates the need of competing on the basis of cost leadership. With this unique proposition you will have huge response from a mass of customers.
* Continual assessment: Is one of the requirements of competitive management. It is the continual promoting your product and services by putting into place market strategies and it plays a very big part of marketing of your business.
* Image enhancement: your product positioning quality checking is an effective way of marketing and the means of gaining competitive advantage of others. It sets your company to the road to success.
The Building Blocks of competitive advantage is:
= COMPETITIVE ADVANTAGE.
These are the ways that managers can help the company thrive on being a success and profitable at the same time.
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Jones, Gareth R.
Essentials of contemporary management/Gareth R. Jones, Jennifer M. George.-eth ed.