Globally, business competition is high as the number of entrepreneurs has increased tremendously in the market. These results to the availability of a large pool of sellers from which the consumer can choose from when buying goods and services. Therefore, the entrepreneurs scramble and compete for the limited numbers of potential customers in the market. Firms are continually seeking for competitive advantage in the marketplace. These ensure that the firms' products have high sales in the market compared to those of the competitors in the market. Competition in the market is unavoidable, and therefore companies have to look for ways to attract a high number of customers compared to the competitors. This paper will look at the ways a firm can use to become competitive in the market (Rothaermel, 2015).
According to Kim and Mauborgne (2014), blue ocean strategy is the ideal way of firm battling competitors in the marketplace. This plan aims at creating "blue oceans" of uncontested market space which is ripe for growth. The "blue oceans" are areas of no competition for the firms' products and service. These areas make the firm be the sole supplier in the market hence have high sales. This strategy aims at getting a marketplace which has no competitors. Despite the fact that businesses cannot avoid competition in the market these can be created through intensive differentiation of the company's products and lower the costs of the products.
According to Tanwar (2013), Porter notes that firm's position in the industry determines whether its profitability is above or below the industry average. The competitive advantage of a company in the market ensures that profit is above the standard in the industry. A firm has two competitive advantages' which are low cost and differentiation. Competitive advantages strategies of a company entails ways of a business ensuring it competes effectively in the market. These plans include; cost leadership, differentiation, and focus.
In this strategy, the firm becomes a low-cost producer in the industry. These are achieved through the firm pursuit of economies of scale, proprietary technology, preferential access to raw materials and other factors. The firm is, therefore, able to offer its products at lower prices compared to those of competitors in the market thus attracting a large number of potential customers.
The firm in differentiation strategy seeks to make itself unique through its products and services. These would make its products have high sales in the market as they have no competition. The firm is rewarded for its uniqueness with a premium price.
Focus rests on the ability of a firm to choose a narrow competitive scope in the market. These include the company paying attention in specific segments in which its products have a high number of customers. These make the firm reduce unnecessary costs and meet its target market fully (Porter, 2008).
Kim, W. C., & Mauborgne, R. A. (2014). Blue ocean strategy, expanded edition: How to create uncontested market space and make the competition irrelevant. Harvard business review Press.
Porter, M. E. (2008). Competitive strategy: Techniques for analyzing industries and competitors. Simon and Schuster.
Rothaermel, F. T. (2015). Strategic management. McGraw-Hill Education.
Tanwar, R. (2013). Porter’s generic competitive strategies. Journal of Business and Management, 15(1), 11-17.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2018). Competitive Advantage Strategies Or Process. Retrieved from https://myassignmenthelp.com/free-samples/competitive-advantage-strategies-or-process.
"Competitive Advantage Strategies Or Process." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/competitive-advantage-strategies-or-process.
My Assignment Help (2018) Competitive Advantage Strategies Or Process [Online]. Available from: https://myassignmenthelp.com/free-samples/competitive-advantage-strategies-or-process
[Accessed 07 March 2021].
My Assignment Help. 'Competitive Advantage Strategies Or Process' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/competitive-advantage-strategies-or-process> accessed 07 March 2021.
My Assignment Help. Competitive Advantage Strategies Or Process [Internet]. My Assignment Help. 2018 [cited 07 March 2021]. Available from: https://myassignmenthelp.com/free-samples/competitive-advantage-strategies-or-process.
With time, MyAssignmenthelp.com has become one of the best college essay writing services. Our all rounded services give students the confidence to overcome assignment related issues. Our services are fast enough to meet most urgent deadlines. We are capable of delivering fast essay writing services with the help of our specially designed provisions and writers' teams. Our urgent essay help services guarantee most rapid delivery of assignment solutions. Some of our most popular essay services are application essay help, exploratory essay help, literary review essay help and argumentative essay help.
Answer: History and background of workplace harassment Workplace harassment is the belittling or bullying of an individual employee or worker in a work environment. The topic of workplace harassment has gained importance among the researchers because nowadays it is becoming a sensitive problem in the field of effective workplace management as per the views of Wang et al., (2018). Excessive work pressure is also associated with workplace...
Read MoreAnswer: The objective of this paper is to highlight the challenges faced by Human Resource management in attracting and retaining the construction industry workforce. The paper explains the various challenges faced by the Human resources department due to globalization, issues regarding salary and wages, health and security. It is the continuation part of assignment 2 which provides brief information about the HRM issues. The paper furth...
Read MoreAnswer: HR and other organizational leaders do to study the link between HRM and business performance? According to Rothenberg, Hull, and Tang, 2017,the various aspects of the interrelationship between HRM and business performance can be easily ascertained by the leaders within the organization. An organization with a skilled workforce is usually successful through achieving its set goals and objectives. Employees who are satisfie...
Read MoreAnswer: Introduction: Canada is having large number of firms in different kinds of industry. All these organisations have different set of tasks that needs to be done in a specific time period. Organisation accomplishes these tasks by making a series of tasks that are done as per the requirement. Some of the work that is done by these systems is selling services, responding to customers and hiring employees. All these tasks are placed i...
Read MoreAnswer: Introduction: The report aims at presenting a critical analysis on the role played by the Rail, Tram and Bus Union (RTBU) in the North South Wales (NSW) worker’s dispute that took place in the year 2018. The dispute was the result of the train workers strike after the Sydney Trains failed in resolving the pay related dispute of the workers. Despite, the four hours of negotiations between the RTBU and Sydney Train things di...
Read MoreJust share requirement and get customized Solution.
Orders
Overall Rating
Experts
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
I received my assignment on time, it was properly written in an as per rubric. User-friendly environment and easy to search for any kind of assignment.
Australia
Hi My assignment.com is really helpful. Professor dod a great job within timeline. I appreciate his work. Thankyou Professor and my assignment.com
Australia
I liked the way you wrote the paper, you actually did what I asked for and made the changes when needed. Thanks!
Australia
Extremely happy with everything that has been done, thanks for your patience.all good
Australia