|← The Production Process||Ralph Ellison's "Invisible Man" →|
The Company’s Competitive Advantage
Buy custom The Company’s Competitive Advantage essay
The company’s competitive advantage has been achieved through diverse ways. Competitive advantage in this case is the advantage over your fellow business competitors that is gained from the offering of the consumers’ greater value by the means of lower prices or the provision of greater service and benefits that are an indication of higher prices. The following are some of the effective competitive modalities that can be applied by the respective company in order to attain a competitive advantage over other business players on the market. First is the value to their clients. In this strategy, the company is identifying the benefits that their clients are pursuing and therefore this should be found in the list of the competitive advantage of the company. With the effecting of this, it will automatically make your clients to identify the difference between the two companies and this therefore gives them a choice in the company they should do business with. According to Edvardson, (1996), the value given to clients by a particular company that applies this virtue always buys the trust of the clients because they tend to realize that you do clearly understand their needs as clients. The art of combining the service, the price and the product quality will always establish the competitive nature of the advantage. The company will always look for modalities that will improve its service and the product that will better the strategies in meeting of the client’s needs.
The second strategy that is well thought of improving the achievement of the advantage is the company’s marketing plan. The marketing plan should entail effective approach in regard to competitive advantage. According to Selden, (1997), the art of marketing plan can therefore be viewed as the master piece of the value brought to the clients andthe in respect to the company’s principles of sales. The marketing plan of the company will include a well documented advantage that will spearhead the operation of the planned client’s attraction and in relation to competitive advantage. The laid down strategy will thereafter be disseminated to the relevant personnel like the sales representatives, the company’s web site and those working in the marketing and promotions department. Selden further reiterates that the company’s marketing plan can be included in the company’s mission statement which will always keep reminding them of the laid strategies whenever one looks at the mission statement of this particular company. This also makes the marketing plan look more or a core value that the operational management of the company should not overlook under any circumstances. The company will too be expected to disseminate the important information to the inform them on the uniqueness of the business the company is carrying out and how they can meet the different needs of the population around more than other available companies with the same products on the market (Paul H. Selden (1997).
In competitive analysis, the company will have to carry out research in the identification of of who its competitor on the market is, in this case the company will consider other manufacturing companies around the globe that are giving them competition through the production and the supply of the same products. Through the research, the company should be able to realize how it can gain the competitive edge over the other exiting competitor’s on the market. From the research, the company will be able to look at common market between them and their competitors and look into the considerations to identify the missed opportunities by their competitors and capitalize on them their missed ggoals to provide the best their competitors cannot. All this is done with the intention of giving the client the best of his needs; they may include market positions, the pricing avenues, products promotional modification and the market position. Listening to clients and developing them into an avenue of competitive intelligence will too help this company go a step ahead more than their competitors. In this case the customers will be given an opportunity to air their opinions on the company’s operations considering what they like and what they don’t like about the company. Some of the ethical considerations which the nations are bound to abide by is environmental management to see to it that every aspect of trade complies with the state environmental protection measures. An office is set at Mexico to look at environmental abuses and any company not complying with the same would fined and sanctioned by the members and removed from the trade bloc till time that it seems there is compliance. This makes sure that there is no environmental degradation by some member states. Generally the company should update its approach in relation to the competitors way of doing things, always improve on the modalities applied by the competition.
The above mentioned research can too aid in the identification of other markets for their products within the companies reach. This will automatically lead to the expansion of the branches through sales and challenging them on the ways of improving and understanding the competition on the current markets (Adcock, D. Al Halborg and Caroline R. 2001).
In conclusion, this can be the best approach of an oil company management strategy due to its variety of the production processes. The adverse market of the product thus gives it an advantage due to the demand and an ever-ready market.