Market-based Strategies for Competitive Advantage

Running head: COMPETITIVE ADVANTAGE AND MARKET-BASED STRATEGY
Market-based Strategies
The best way to gain competitive advantage is for businesses to use a
market-based strategy
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COMPETITIVE ADVANTAGE AND MARKET-BASED STRATEGY
As opined by Clemons (2019), the ever-increasing amount of business competition
that the different business firms are presently facing within the business world had shifted
their focus from the aspect of profitability to competitive advantage. Thompson, Strickland
and Gamble (2015) are of the viewpoint that contemporary business firms in order to attain
competitive advantage within the business markets of their operation are taking the help of
different kinds of strategies and one of the most important ones in this is the market-based
strategy. The different market-based strategies not only enable the firms to take into account
the key needs or the requirements of the customers but at the same time offer them the
opportunity to earn a higher amount of profitability and thereby competitive advantage within
the business market of their operation. The aim of this essay is to analyse the manner in
which the different market-based strategies are the best possible options through the business
firms can attain competitive advantage within the business markets.
Tayeh, Al-Jarrah and Tarhini (2015) have articulated the viewpoint that the notion of
competitive advantage can be defined as the condition in which the business firms hold a
superior or favourable business position within the business market of their operation. On the
other hand, Cacciolatti and Lee (2016) have noted that the competitive advantage is the
condition or the situation in which the business firms have been able to significantly mitigate
the adverse effects of the business competition posed by their rivals or any other threats
presented by the market and are at the same time able to take full advantage of the business
opportunities presented by the same. Needless to say, competitive advantage had become the
catch-phrase of the modern business world and thus the different business firms are
increasing attain the same. However, it had been seen that for the attainment of this end the
business firms not only need to offer kind of commodities or services which are better in
quality but also lower in price in comparison to the other ones which are available in the
market and also take the help of different kinds of effective business strategies (Kaleka and
Morgan 2017). In this regard, the different market-based strategies are important ones which
enable the business firms to attain competitive advantage within the business markets.
Anning-Dorson, Hinson and Amidu (2018) are of the viewpoint that the primary
purpose of the different market-based strategies is to capture as well as align reputation,
ambitions, opportunities and capacities which are being presented to the business firms by the
business market of their operation. On the other hand, Salunke, Weerawardena and McColl-
Kennedy (2019) have argued that these market-based strategies are applicable to every
section of the business operations of the firms and also acts as a reference point for the all the