Sustaining Competitive Advantage (Global Enterprise Management Training Manual)

Author: Aiwen
Publisher:
Publish Date: 2005-02-01
Features: Any business exists in a highly competitive market environment. Different businesses have different methods of adapting to their environment—some actively change the environment, some escape it, and others adapt themselves to fit the environment. Those that remain self-centered and refuse to change will only be eliminated by the market. The fundamental law of competition states that a company must possess at least one competitive advantage to enjoy long-term profits. In the ruthless competition of modern businesses, how can you stand out? How can your business grow? How can you determine your long-term strategy? The market economy is an era of fierce competition, a fact known to all. Undoubtedly, in such an era, a business must have competitiveness to survive. The competition among Silicon Valley businesses in the U.S. is so intense that companies actively seek their own fatal weaknesses. The common survival strategy for all companies is to develop better products to surpass their existing ones. In the increasingly homogenized market competition, it is essential to focus on humanization to establish competitive advantages for your products and services. The one who thinks more thoroughly for consumers will win the competition. Now, you need to ask yourself, "What is the strategic competitive advantage of our company?" If it takes you more than 10 seconds to answer, your company may not have any competitive advantages at all. In contrast, even an outsider can quickly identify the strategic competitive advantage of a lighting company. This is the difference between ordinary and excellent companies.