QA › Economics › Organizations can achieve a competitive advantage by using their resources to
Q

Organizations can achieve a competitive advantage by using their resources to

A

To provide a better value for customers than competitors will.

Many factors can help an organization establish a competitive advantage over its market competition. It may include Brand image recognitions, highly skilled labor, location, easy access to raw materials, e.t.c.

However, one of the most important, if not the most important factor is giving the best value to your customer. Competitive advantage generally is the edge an organization has over its competitors.

To do this, the organization must identify the benefit they provide, cost of production, target market, strength and weaknesses of their competitors.

A company can also establish a competitive advantage by its marketing strength. i.e the ability to convince buyers or customers that a product offers better value than the others. An organization can offer better value and the target market would be oblivious of it.

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