What's next ? Identifying Competitive Advantages .

Assalamualaikum readers. Hehehe.  Today I want to talk and discuss about Competitive Advantages.

Sounds like macam pernah dengar kan ?  Ok. Nak storymory sikit pasal competitive advantages ni.

WHAT IS COMPETITIVE ADVANTAGES ?

A product or service that an organization’s customers place a greater value on than similar offerings from a competitor. Same like best value product.

COMPETITIVE ADVANTAGES ARE VERY IMPORTANT ? WHY ??

It because organizations needs to survive and thrive an organization.

FIRST-MOVER ADVANTAGES known as leader in the market because they create and introduce the product. It occurs when an organization can significantly impact its market share by being first to market with a competitive advantage.

To watch the competition ,organizations use environmental scanning that is acquisition and analysis of events and trends in the environment external to an organization.

It’s very important to organization to develop competitive advantages. They develop competitive advantages by using three common pools consists of Porter’s Five Forces Model, Porter’s three generic  strategies and value chain.

PORTER’S FIVE FORCES MODEL

Determines the relative attractiveness of an industry.

THREE GENERIC STRATEGIES

Organizations typically follow one of Porter’s three generic strategies when entering new market.

VALUE CHAIN 

Views an organizations as a series of processes, each of which adds value to the product or service for each customer.

Competitive Advantages is important to company to compete with other market.