Competitive advantage in business world means more market share compared to rivals. It refers to capacity of a business to produce quality product/service than a competitor. A business can also have competitive advantage if it can produce same generic product like competitor at lower cost. The former is called differentiation strategy, while the latter is cost leadership strategy.
Competitive advantage is very key for business success, whether small, medium or large. It is also important to note that this capacity is possible to acquire. So a business can strategically position itself from lack of competitive advantage to an advantage point.
It is one of the key responsibilities of a business leader to identify, create, deepen and sustain competitive advantage in their businesses. The process requires conscious deliberate and aggressive action to deliver competitive advantage. Many businesses do not have these capacity in house.
Small, Medium and big enterprises may not possess this capacity and is advisable to outsource. One sure route to prosperity by any enterprise, small or big is to identify and manage its competitive advantage.
Hartford Strategic Limited offers the support to businesses intending to take this valuable route to success. We are glad to help and can be reached on our contacts herein.