Achieving competitive advantage involves several steps:
Identifying Core Competencies: These are the unique strengths and abilities of a company, such as technological expertise, skilled workforce, or efficient processes. Market Research: Understanding customer needs, market trends, and competitor strategies through comprehensive market research is essential. Innovation: Investing in research and development to create new products, services, or processes can set a company apart. Operational Efficiency: Streamlining operations to reduce costs without sacrificing quality can enhance competitiveness. Customer Focus: Building strong relationships with customers and consistently meeting or exceeding their expectations is vital.