The important factor for any company that adopts this strategy is to ensure t...

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Through this article, we will learn more about competitive advantage, what it means, why your business should gain a competitive advantage, and how? What is competitive advantage? Competitive advantage is what makes a good or service superior to all other options available to the consumer in the markets. In other words, it is the reason why the customer chooses your product or service despite the temptations of competitors. By understanding and enhancing competitive advantage, your brand or business can win greater market share.

Porter's strategies can help you determine the competitive advantage of your business: Lowest price phone numbers list in the market (Cost Leadership): It is the production of a reasonable product at the lowest cost in the market. Brands that use this strategy must reduce the cost of production, meaning the industry is in cheap regions such as East Asian countries. Differentiation: In the differentiation strategy, the brand aims to offer something different. Understanding the customer’s need facilitates the process of finding a feature to offer differently, such as: fast shipping, high product quality, and advertisements that reach the customer in a different way. A brand that uses differentiation can price its products at high prices, so profits will be high. Customization (Cost focus): It means that the company or brand is able to understand and serve the target market better than anyone else, either by using the lowest price in the market or by using difference to reach a competitive advantage. To succeed with this strategy you must choose a target market, often a small niche that is not served by larger companies. Focus on differentiation: The important factor for any company that adopts this strategy is to ensure that there are indeed different needs and desires among customers, meaning that there must be a basis for differentiation and to ensure that what current competitors offer does not meet those needs and desires.






In this way, you can find A need that makes it a competitive advantage for your brand. How to create a competitive advantage for your brand: To create a competitive advantage for your brand or business you must be clear about these three determinants: Product/service What is the real benefit that your product or service provides to the consumer? It should be something your customers really need, you should know the features of your product and how useful it is for your customers. You must always be aware of new trends affecting your product, new technology, market and environmental variables. For example: companies’ response and the practical solutions they provide to their customers in light of the Corona pandemic.