Importance of Creating Competitive Advantage

Competitive Advantage
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Competitive Advantage
In business, competitive advantage is a concept that allows an organization to thrive over its competitors in sales and economic growth. According to Awwad et al., the primary priority of a business should be to establish priorities that are important and vital in business (Awwad, 2013). The priority should be to provide their consumers benefits and value for money. Value for money is a significant aspect that provides a higher competitive edge. Importantly, customers should be able to acknowledge the company's effort to provide quality products. Quality outcomes create a spark of curiosity, which attracts customers.
Additionally, customers are loyal to a brand that offers value for money. This translates that a customer should invest in the idea of consistency to provide quality products which will, in turn, increase sales and competitiveness. Also, a company should be reliable in offering benefits related to the price. This will increase the profit margin, making the company competitive. Further, a business must find out its target market. This way, they will produce products that align with their expectations and preference. Finally, to maintain a competitive edge, a business should identify its competitors and what they do better than them.
The competitive advantage created using Technology
In the contemporary world, technology has changed the way of doing business by increasing efficiency, consistency, and reliability. Technology creates a competitive edge through reliable systems. Businesses that use technology are offered the functionality to serve a wide range of customers at a low-cost margin. Customers are provided with a prompt response and fast service delivery that is easy and effi...