logo

PERFORMANCE APPRAISAL Competitive Advantage Strategies

   

Added on  2020-04-21

4 Pages666 Words221 Views
Leadership Management
 | 
 | 
 | 
Running head: PERFORMANCE APPRAISAL 1Competitive Advantage Strategies or Process.Student’s NameInstitution’s Name
PERFORMANCE APPRAISAL Competitive Advantage Strategies_1

PERFORMANCE APPRAISAL 2Competitive Advantage StrategiesGlobally, business competition is high as the number of entrepreneurs has increased tremendously in the market. These results to the availability of a large pool of sellers from whichthe consumer can choose from when buying goods and services. Therefore, the entrepreneurs scramble and compete for the limited numbers of potential customers in the market. Firms are continually seeking for competitive advantage in the marketplace. These ensure that the firms' products have high sales in the market compared to those of the competitors in the market. Competition in the market is unavoidable, and therefore companies have to look for ways to attract a high number of customers compared to the competitors. This paper will look at the waysa firm can use to become competitive in the market (Rothaermel, 2015). According to Kim and Mauborgne (2014), blue ocean strategy is the ideal way of firm battling competitors in the marketplace. This plan aims at creating "blue oceans" of uncontested market space which is ripe for growth. The "blue oceans" are areas of no competition for the firms' products and service. These areas make the firm be the sole supplier in the market hence have high sales. This strategy aims at getting a marketplace which has no competitors. Despite the fact that businesses cannot avoid competition in the market these can be created through intensive differentiation of the company's products and lower the costs of the products. According to Tanwar (2013), Porter notes that firm's position in the industry determines whether its profitability is above or below the industry average. The competitive advantage of a company in the market ensures that profit is above the standard in the industry. A firm has two competitive advantages' which are low cost and differentiation. Competitive advantages strategies of a company entails ways of a business ensuring it competes effectively in the market.These plans include; cost leadership, differentiation, and focus.
PERFORMANCE APPRAISAL Competitive Advantage Strategies_2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Netflix business model
|10
|2775
|67

Report on Competitive Strategy of Coca-Cola Company
|4
|736
|81

Business Level Strategies for IDP Education
|6
|1042
|132

Application of Blue Ocean Strategy for Innovation at Just Eat
|9
|3914
|100

Netflix’s original business model Assignment PDF
|10
|2680
|458

Blue Ocean Shift Book Review
|8
|2374
|251