Businesses desire to achieve a competitive advantage Essay

Businesses desire to achieve a competitive advantage - Essay ExampleThe paper tells that companies that achieve a competitive advantage can try that edge in order to obtain higher sales than other companies in the marketplace. Organizations can achieve a competitive advantage by exploiting their mail value. A brand strategy is generated over time by investing a lot of money in advertising and marketing campaigns. Technological transcendence, innovation, and patents atomic number 18 other ways to gain a competitive advantage. Companies that achieve a competitive advantage are able to increase their market share. These firms are similarly able to attract more customers than its competitors. Examples of companies that have been able to dominate an industry by gaining a competitive advantage are Starbucks Caf, Microsoft, and De Beers. Microsoft utilized innovation to diaphragm ahead of the competition. Starbucks Caf beat out the competition by providing a superior product and bette r customer service. The competitive advantage that De Beers enjoys comes from its supply chain superiority and access to greater sums of capital. Organizations that have a competitive advantage are able to retain more customers and build brand loyalty. Higher customer guardianship rates are desirable. Based on Paretos 80/20 rule approximately 80% of a firms revenues come from 20% of its customers. Most companies that are the market leaders in their respective industries reached that status by having some type of competitive advantage. Good business strategies are require for managers to implement a competitive advantage.