There are several strategies a company can employ to enhance its competitiveness:
1. Innovation: Investing in research and development to create new products or improve existing ones can give a company a significant edge over its competitors. 2. Cost Leadership: By optimizing operational efficiency and reducing costs, a company can offer competitive pricing without compromising on quality. 3. Quality Improvement: Ensuring that products or services consistently meet or exceed customer expectations can build a loyal customer base. 4. Customer Service: Exceptional customer service can differentiate a company from its competitors, leading to increased customer loyalty. 5. Strategic Alliances: Forming partnerships and alliances can provide access to new markets and technologies, enhancing a company’s competitive position.