Question

Q2: what is personal strategic (competitive) advantage? Identify your personal style. answer must be in your own word and it should be long like 40 to 50 lines.

Answer 1

Ans)

In 21st century where the environment is developing very fastly and the new and rapid innovations are taking place every country perform international trade for the prosperity and growth of economy international trade the new companies launch in the domestic country and the the competition increase instantly due to high competition it is beneficial for the customers but some time have to take for the producer show the Competitive advantageis defined as the ability to stay ahead of present or potential competition. This is typically done by evaluating strengths and weaknesses of competitors and seeing where you can fill in the gap or step up and improve.

This provide the entity to live long and the market competitive advantage is what makes an entity's goods or services superior to all of a customer's other choices. While the term is commonly used for businesses, the strategies work for any organization, country, or individual in a competitive environment

To be successful in bussiness there is need to able to articulate the benefit you provide to your target market that's better than the competition. That's your competitive advantage.

A company must be clear what benefit their product or service provides. It must offer real value and generate interest.The company must establish the list who is purchasing from the company and how it can cater to its target market. It is important for a company to understand other competitors in the competitive landscape.

The strategy must include the cost leadership strategy, the objective is to become the lowest-cost producer. This is achieved through large-scale production where companies can exploit economies of scale.and create hight profit .

The comapany must adopt new strategy, a company’s products or services are differentiated from that of its competitors. This can be done by delivering high-quality products or services to customers or innovating products or services.

The company focuses on a narrow target market segment. This strategy is successful if the company is able to successfully create products/services that can cater to these customers. The focus strategy also has two variants it can contain cost Focus and lower the cost of production

competitive advantage create hight quality product in company according to its competitors. It contributes to higher prices, more customers, and brand loyalty. Establishing such an advantage is one of the most important goals of any company.