Competitive Advantage Assignment Example | Topics and Well Written Essays - 2000 words

rivalrous Advantage - Assignment ExampleIt encompasses several aspects of a partnerships marketing tactics and strategies in building a strong competitive avail that can secure the keep conjunctions future.A competitive advantage is plainly a facet or capability of the governing that it occupies or extends to the customers. For an organisational facet to form a competitive advantage, it needs to be unequalled in the market and not acquired by any other existing or coming(prenominal) competition in the market. This notion can also be translated in the words of Barney (2002, p9) as, a incorruptible experiences competitive advantages when its actions in an industry or market create economic value and when few competing firms ar engaging in similar actions.Porter (1985, p3) explores the concept of competitive advantage as the capability of an organisation to create value for its customers in a way that procures more value to the customers than the competitors, he says,Competitiv e advantage grows out of value a firm is able to create for its buyers that exceeds the firms cost of creating it. Value is what buyers are will to compensation, and superior value stems from offering lower prices than competitors for equivalent benefits or providing unique benefits that more than offset a higher price. There are two basic types of competitive advantage cost leadership and speciality. Hence, a firms competitive advantage has to be unique among all the other companies in the market. This implies that whatever company owns and provides to customers should have one or more differential aspect that can distinguish it form its competitors. Today, some(prenominal) organisations engage in providing almost same kind of products to a specific range of products. Consequently, the customers need to claim between a lot of options with slight distinction to satisfy their needs and problems. For a firm to entice more customers than its competitors and sustain them in the lon g run, it needs to offer its customers something that is not being currently offered in the market. For instance, a different product with enhanced value, a courteous and friendly workforce, a well-known company image, and a breakthrough in technology helpful in satisfying customers in a more than better way than the competitors. The customers would only be willing to buy the companys product or even pay a higher price for it if theres something in the product or service being by the company that the customers perceive to be valuable or different in satisfying their needs than other products in the market. The more the customers perceive the product to be valuable, the more the opportunity for the company to remain successful in the long run. The upcoming section of the paper investigates into some of the aspects of a companys marketing tactics and manoeuvres that could be utilise towards the achievement of a competitive advantage. Winning Customer Satisfaction, Loyalty And TrustF irms consistently endeavour to derive the mellowest possible levels of customer satisfaction and retention to survive in the modern competitive business arena. It is a factor that rightfully approximates a companys emplacement in the competitive market. If the customers are satisfied, the company is likely to be successful otherwise it is doomed to be obscure in the future