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Essentials of Contemporary Management 6th Edition by Gareth Jones,Jennifer George
Edition 6ISBN: 978-0077862534Essentials of Contemporary Management 6th Edition by Gareth Jones,Jennifer George
Edition 6ISBN: 978-0077862534 Exercise 2
What are the building blocks of competitive advantage Why is obtaining a competitive advantage important to managers
Explanation
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Competitive advantage is an important factor for the success of the organizations in the modern business environment. The competitive advantage can be considered as the ability of the organization to remain sustainable in the market through following appropriate strategies and setting smart goals.
The competitive advantage is built upon various components. These components have a vital part in building strong competitive advantage for the organization. Those include the following.
• Enhancing the efficiency through maximum utilization of the available resources.
• Focusing in the quality of the products and service provided.
• Being flexible, innovative and time oriented can make it sustainable and competitive in the market.
• Being responsive to the customer can make the organization successful.
In modern business environment it is very important for the managers to achieve competitive advantage. There are many competitors in the industry which compete each other to survive in the market. The customers can jump to any organization which is providing product or service as per their demand.
Achieving competitive advantage can benefit the organization in achieving many loyal customers, customer trust, profit, brand image, reputation, sustainability etc. Hence it becomes important for the managers to meet the building blocks of competitive advantage and be competitive in the market.
The competitive advantage is built upon various components. These components have a vital part in building strong competitive advantage for the organization. Those include the following.
• Enhancing the efficiency through maximum utilization of the available resources.
• Focusing in the quality of the products and service provided.
• Being flexible, innovative and time oriented can make it sustainable and competitive in the market.
• Being responsive to the customer can make the organization successful.
In modern business environment it is very important for the managers to achieve competitive advantage. There are many competitors in the industry which compete each other to survive in the market. The customers can jump to any organization which is providing product or service as per their demand.
Achieving competitive advantage can benefit the organization in achieving many loyal customers, customer trust, profit, brand image, reputation, sustainability etc. Hence it becomes important for the managers to meet the building blocks of competitive advantage and be competitive in the market.
Essentials of Contemporary Management 6th Edition by Gareth Jones,Jennifer George
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