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By studying both of the product rival and the main product to identify all competitive advantages
In my opinion focusing on the product name (as a brand name) is most active to sustainable competitive advantages by choosing one of the strategy method :1- Reducing the cost and the price 2- Or by increasing the quality rate But certainly not both
Businesses must set themselves apart from the pack to be more profitable than the average performer.
The only way to do so is by achieving a sustainable competitive advantage – by operating at a lower cost, by commanding a premium price, or by doing both.
Cost and price advantages can be achieved in the two following ways.
- Operational effectiveness – doing the same things your competitors do but doing them better. Operational effectiveness advantages can take myriad forms, including better technologies, superior inputs, better trained people, or more effective management structure.
- Strategic positioning – doing things differently from competitors, in a way that delivers a unique type of value to customers. This can mean offering a different set of features, a different array of services, or different logistical arrangements
Hello, thank you for clear information attached to your question. the extrior factors around every business are changing in a fast way. technology enables our competitors, customers and suppliers to change their strategies and as a result change the form of market. so that from my viewpoint sustainable strategy must be defined upon a continious update vision in a business. also it should be flexible and fast enough to change according to the changes caused by extrior factors.
Competitive advantages means offering services/products better than the normal outputs of the other competitors in the market.
Business can achieve that by:
Innovation in services / products.
Cost control and lesser pricing.
More customer satisfaction.
