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Gain a Better Understanding of Competitive Advantage

An online MBA program can provide you with in-demand competitive strategy skills. Every business interacts with customers, vendors and competitors. Each of these is hoping to do business in ways that benefit them, increase their profits and minimize their costs. It is an equation that everyone is continually trying to solve, and a coherent competitive strategy enables every employee in an organization to work toward the same goal.

One Goal, One Vision

Competition is the foundation of any robust market, and how a business tackles its position within that market depends on its analysis of many factors. How long does it take to make the product? How long does it take to get it into the pipeline (and on the shelf)? What sort of buying cycle are your customers supposed to follow? What are the costs of producing the product?

While you are busy answering these questions, your competition is doing the same math, and they are hoping that their numbers are better than yours. It is a simple comparison, but a comprehensive competitive strategy considers many facets of the questions behind the comparison. This strategy (and the competitive awareness that comes with it) should be a major focus of your business as you strive to succeed in the marketplace.

Be Different

If every product or service was the same, there would be no need for any business to have a competitive strategy, and more often than not, what creates a breakout product in the marketplace is the emergence of some vital difference in one product from the rest. Apple’s iconic iPod transformed the portable music player marketplace by adopting a very different marketing strategy compared to its competitors. They made something simpler, more efficient and less cluttered than the rest, and by doing so, they created a consumer desire for a refined interface and user experience. Their competitive strategy was to tell the customer what they needed instead of waiting for the customer to tell them.

Cost Less, Be More

By studying the current market and the history of products that preceded yours, you can learn what has worked in the past, what has not, and where you can find efficiencies in the product pipeline that your competitors may not have realized. An education from an online MBA program can offer valuable insights into how to make your product and take it to market. Discover the hidden costs that lie within your pipeline, and strip them out so that you can achieve a competitive advantage with your product. A competitive strategy can help you refine your market penetration and customer awareness.

Learn more about the FIU online MBA program.


Sources:

http://www.ifm.eng.cam.ac.uk/research/dstools/porters-generic-competitive-strategies/

https://www.cleverism.com/competitive-strategies/


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