How Companies gain competitive edge over competitors?

How Companies gain competitive edge over competitors?
23/06/2017 Comments Off on How Companies gain competitive edge over competitors? Academic Papers on Business Studies,Academic Papers On Economics,Other Academic Papers,Sample Academic Papers admin

Very important for gaining a competitive edge is intimate knowledge of your and their customers. Such knowledge is invaluable for maximizing your company’s revenue potential and increases your customer base and retaining your competitive edge in the market. It is always advisable to use a mix of several tools and methods for measuring consumer familiarity with your product which enables your company to assess their position in the market. Besides using conventional information sources, using “social media analysis” tools gives consumer insight on a much larger scale Companies must also take advantage of regulations, barriers and tariffs that favour them to gain competitive advantage and dissuade competitors from challenging their marketing share.

Companies also create value and competitive edge with its employees and demonstrate the many ways that they meet their objectives with their employees.  Having a wide customer base and large number of employees, the company needs to be proactive to meet its customers’ expectations and remain competitive in the market.  These expectations can be fulfilled with effective performance of company’s employees. Researchers have noted that performance of employees is largely influenced by the style with which their leaders lead them.  It is interesting to note that how middle level managers of the company lead their employees and what impact their style of leading employees has on their performance levels

Some argue that certain leadership styles have a positive impact on the performance levels of employees and others have negative impact, whereas some researchers have completely contrasting point of views in this regard.  In organizations there are various tiers of managers, which broadly include low level, middle level and upper level management. The leadership styles may vary from one managerial level to the next depending upon the need and context with which a manager has to deal with

A company can also gain a competitive edge by focusing on its target audience which can be made prominent by socioeconomic demographic factors and other ordinary features that makes them the best target audience. This is best done by finding out who your competitors are and what differentiates them from other companies in the industry. Important facts as their location, their marketing strategies, their resources, the quality and quantity of their employees, their credit policies and any other fact that will help in competing against them Instead of being scared of the competition, companies can use them as learning tools for assessing their own standing and value in the market. It always pays to be aware of the competition’s strengths and weaknesses because you can reproduce their strengths in your organization and exploit their weaknesses to gain competitive advantage.

 

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