Question

Explain four (4) ways to develop a long term sustainable competitive advantage.

Answer 1

Answer) four ways to develop long sustainable competitive advantage are-

1) Understand the market and its segments. Search for those niches that aren’t well serviced by competitors and can be profitably targeted and sold to.

2) Establish an understanding of what customers really want and develop a value proposition that attract their attention.

3) Work out the key things that you need to do really well to support and deliver the value proposition. For example, service levels, quality, branding, pricing, et cetera

4) Identify your strengths and core competencies are and how you can use these in innovative ways to provide value to your chosen market. Design your business model to support and deliver the value proposition.

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