Academic Paper: Competitive Advantage in Business
Competitive Advantage in Business
Competitive advantage plays a number of roles in the business world. These roles help to sustain a business in the ever competitive markets. Some of the major roles played by competitive advantage include:
i. Cost leadership.
In most markets, the competition usually revolves around the pricing. Thus, unless the businessman is able to come up with a proprietary technology, it is very difficult for him to sustain cost leadership. Competitive advantage allows the businessman to place management as the focal point of the business plan. It gives one the ability to develop a unique selling proposition. This eliminates the struggle for competing with the other rivals on the basis of cost leadership. Coming up with a unique value proposition allows the businessman to receive huge response from a large portion of the clients (Johnson, 1996).
ii. Promotion of the business.
Placing focus on the management of competitive advantages provides the businessman with an opportunity to promote his products and services. This is achieved by the implementation of effective marketing strategies. By promoting the products, the businessman will realize better returns from the company and thus be able to grow (Johnson, 1996).
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