In today's competitive environment, organizations must earn the customer's trust by consistently meeting or exceeding expectations. The disparity between expectation and perception is the major determining factor in a customer's assessment of quality of service. The belief is that through competition society benefits with lower prices, better quality and services, and more innovation.
In this research paper, I will mention the importance of having a competitive business and what makes a business more competitive.
Sole suppliers in an industry quickly stop innovating simply because they no longer have any need to change and grow. Unfortunately, they unknowingly commit to maintaining the status quo. Competitors have a habit of keeping you on your toes. Ever since, consumers benefit from competition because it tends to result in better goods and services at lower prices. Furthermore, a business has a competitive advantage if consumers can differentiate between its goods or services and those of the competition and the perceived difference is important to the consumers. Moreover, often competitive markets develop products ranging in price and quality. In addition, well-informed consumers evaluate the goods and make their own trade-off between price and quality.
Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money. As in sport, competition is an incentive for companies to excel, thereby fostering innovation, diversity of supply and attractive prices for consumers and businesses alike. Competition thus stimulates growth and generates substantial benefits for the community. Competitors will consistently try to offer better customer service, product quality and marketing.
In healthy markets, buyers will demand the best solutions for their specific needs. Differentiate your offerings with the goal of creating tremendous value for the users you serve.
5 areas to drive competitive advantage are:
How can your marketing team make claims about your product and the ability to deliver it without knowing the capabilities of your supply chain?
- Human Resources
- Customer Service
Competitive advantage denotes a firm's ability to achieve market superiority over its competitors. In the long run, a sustainable competitive advantage provides above-average performance. Besides, the characteristics relate to quality since quality can be an important means of gaining competitive advantage.
Quality is critical to satisfying your customers and retaining their loyalty so they continue to buy from you in the future. Quality products make an important contribution to long-term revenue and profitability. They also enable you to charge and maintain higher prices. Most of us needs quality products and services.
In conclusion, business needs to be competitive in order to maintain the high quality of the products and services that they offer. Furthermore, competition makes a business successful since you have to always come up with new ideas for offering better services or introducing new products and using the most recent technology in order to satisfy your customers needs.