propose two strategies that an organization should consider in order to maintain its competitive advantage. Justify...

60.1K

Verified Solution

Question

General Management

propose two strategies that an organization should consider inorder to maintain its competitive advantage. Justify yourrecommendations.

Answer & Explanation Solved by verified expert

4.2 Ratings (647 Votes)

Many companies try for a competitive competencies however few truly comprehend what its or tips on how to reap and maintain it A aggressive potential will also be received via supplying the patron a bigger worth than the competitors comparable to by using delivering diminish costs or delivering great offerings or other advantages that justify a greater price The strongest aggressive talents is a process that that are not able to be imitated via other companies Competitive potential can also be additionally seen as any undertaking that creates advanced value above its opponents A enterprise wishes the gap between perceived worth and cost of the product to be bigger than the competitors Michael Porter defines three timehonored methods that corporations could use to achieve competitive capabilities cost management differentiation and focal point A company utilising a rate management procedure seeks to be the inexpensive producer relative to its competitors A differentiation procedure requires that the corporation possess a nonrate attribute that distinguishes the corporation as sophisticated to its peers Organizations following a focus strategy direct their attention to slim product traces buyer segments or geographic markets centered corporations will use cost or differentiation to attain talents however most effective inside a narrow goal market Cost knowledge ensuing FROM efficiency efficiency is the ratio of inputs to outputs Inputs can be any substances overhead or labor that is assigned to the services or products The outputs can be measured as the quantity of merchandise produced or services performed The company that may reap the absolute best effectivity for the same products or services can widen the hole between fee and perceived price and can have higher revenue margins There are numerous methods a manufacturer can expand effectivity Effectivity is enhanced if keeping outputs constant inputs are reduced or if preserving inputs consistent outputs are expanded Inputs may also be decreased in many approaches Labor inputs will also be lowered if workers are higher expert so that point spent on every individual output is decreased Decreasing waste can lessen materials wanted If a procedure will also be devised to lessen waste it could develop efficiency For instance a bottling plant could examine that 10 gallons of liquid are spilled daytoday thus of the bottling system If the quantity of lost liquid will also be decreased efficiency will broaden Outputs may also be expanded by means of increasing the number of units a computing device can produce in given interval of time Lowering downtime can also develop outputs For example if a computing device probably breaks down and is out of order for 2 hours a day finding a option to do away with this downtime would expand the number of outputs It is regularly argued that large businesses by using definition are See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member