Competitive Strategies Essay Sample
In this sample essay, we will be looking at the topic of Competitive strategies. As simple as it is, each organization wants to be the leader of the market. In order to do that their strategies must be better than everyone else.
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Hence we will be looking at what our competitive strategies and what is the main goal of competitive strategies. To better understand the concept we will also discuss the importance and Types of Competitive strategies.
Nevertheless, to understand all that we must first know what are competitive strategies. Therefore:
What are the competitive strategies?
An Organization’s Competitive Strategies refer to business ventures, approaches, plans, and campaigns to expand the customer base and reach more people while aiming to provide greater value to people.
Moreover, all these activities are based on the goal of gaining a better position in the market. As a result, the performance of the company improves and the company gets better profit flows.
The main goal of competitive strategies
The main goal of competitive strategies is to gain a Competitive advantage over the competition. The competitive advantage is when an organization is creating better services or products at a cheaper rate.
Moreover, the competitive advantage provides the company with better profit streams and faster market growth. Furthermore, innovation, research, and so on and so forth are factors that affect this advantage.
Nevertheless, there is another question associated with Competitive advantage and that is “How long does competitive advantage last?”Therefore this will our next point of discussion.
How long does competitive advantage last?
Practically speaking this a very logical question to ask. Whereas we looked at what is a competitive advantage, but we don’t know how long it lasts.
The time period of competitive advantage depends on the industry and the market condition. A competitive advantage in the technological sector lasts for less time because it is a highly innovative sector. On the other hand, the competitive advantage gained in the paper industry lasts for a considerably longer time period.
Importance of Competitive strategies (Competitive advantage)
Competitive strategies’ advantage lies in their ability to provide a competitive advantage. Then the competitive advantage in turn provide several benefits.
As a matter of fact, a company’s growth is directly related to competitive advantages. Furthermore, it is considered important as it provides several benefits, including better profit streams and a stable position.
Moving on, t the competitive advantage’s benefits are :
- Allows an organization to increase certainty,
- Allows brand to focus on resources hence increasing return of investment
- A steady and predictable revenue stream is created
- Helps secure a higher place in the market
- Marketing campaigns require lesser capital
- The company attracts better employees and talents
What are the four major competitive strategies?
In this paragraph, we will be discussing, the types of Competitive strategies. As a matter of fact, there are four different types of strategies or categories. These four types are divided on the basis of the features of strategy.
Moving on the four competitive strategies are:
- Cost Leadership Strategy(Low-cost): Companies using this strategy aim at becoming the cheaper options in the market. The brand sells its products and services at a lower price as compared to the competition.
- Differentiation strategy: Following this strategy, companies aim to created services or products different from the market. As the name implies the brand works to differentiate the products from the other products in the market.
- Best-cost strategy: According to the concept of Best-cost, the products must of high quality and low cost. Therefore, companies using this strategy focus on providing the highest quality at the lowest price possible.
- Focus strategy (Market-niche): The market-niche strategy concerns itself with a particular niche. This means that the company works and introduces products targeting a particular part of the market or group of people.
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