Competitive advantage is the edge you enjoy over other businesses; the reason why people choose to do business with you rather than your competitors. Without some distinct competitive advantages you're unlikely to remain in business for long. Your task therefore is constantly to search for ways to improve, develop, enhance your existing competitive advantages or discover new competitive advantages that will make doing business with you more attractive and compelling than with other businesses. It is all very well talking about the advantages of competitive advantage," you might say, "but how do I actually go about building competitive advantage for my business?" The three strategies that most businesses consider are:
Two strategies together
Note that you can often have two strategies working together.
As we've seen, Focus and Differentiation are the most common small business strategies because large business can usually get bulk deals and compete on price. The chances that you can be the cheapest and survive are not good, because you will usually be competing against companies with far more financial muscle than you have. In addition, a focus on price will erode your profitability so it is a strategy you should avoid until you have exhausted other options.
So most small businesses either concentrate on a particular market (focus) or try to make their product or service so different from the competition that people perceive this difference.
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Strategic Management Tutorial
From Planning To Strategic Management And Beyond
Strategic Management: Success Or Failure?
A Look At The Total Process
The Challenge Of The Future
The Environment: Assumptions In Planning
Techniques For Assessing The Environment
Business Philosophy (ethics And Morality) And Strategic Management
The Corporate Appraisal – Assessing Strengths And Weaknesses
Analysing The Industry And Competitors
Analysing The Uk Management Development And Training Industry: A Case History
The Search For Shareholder Value
Vision And Objectives
Strategic Portfolio Analysis
Portfolio Analysis In Practice
Strategic Planning – A Second Look At The Basic Options
Multinational And Global Strategy
Technology And Manufacturing
Strategic Planning For Human Resources
Relating To The External Environment
Evaluating A Business Plan
Project Planning And Appraisal
From Plans To Actions
Management Of Change
Introducing Strategic Management
Why Planning Sometimes Fails
Strategic Management To Strategic Change?
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