In today’s highly competitive and dynamic business environment it’s quite essential to stay relevant to gain a competitive edge. Whether you are a budding entrepreneur or an established business you need to identify the contemporary trends to stay in the market. Competitive advantage does not mean only just being better but also being different in your way. This guide shall delve you into the guidelines which are required to be followed to gain a competitive advantage in your industry. Gaining a competitive edge in a market is not a child’s play but is also not a herculean task. with the right approach . You need to strategize your moves to capture the market. Consider adopting these impactful strategies – Innovation and technological development drives competition. To gain a competitive edge, there are several things which one needs to keep a note of. Sometimes businesses are running behind because they fail to comprehend the dynamics of the business environment or fail to reach out to their potential clients. This culminates in shutting down their business. Following things are things which you need to take care of – Apple and apple products have made a huge customer base in and outside India. This was made possible primarily because of the strategic product differentiation. This is mainly done by innovative design, brand imaging and perception, strict quality control, and most importantly Apple invests huge sums in research and development. This enables them to consistently improve the existing technology and introduce new technology in the market which helps them to stay ahead of their competitors. Elon Musk’s company Tesla has gained competitive advantage fundamentally through its persistent innovation especially in electric vehicle technology, battery development and autonomous driving. Coupled with direct sales model and branding imaging and marketing. On the other hand, Nokia who was once immensely popular worldwide failed to achieve competitive advantage. It failed essentially due to its slow adoption to the smartphone resolution. This was coupled with poor marketing and branding, lack of innovation, poor leadership and failed to realize customers changing preferences. On the other side, its competitors like Apple with iOS and android based phones were quick to adopt and rapidly gained market share. Conclusion Achieving competitive adage in your industry requires a strategic planning blend with continuous learning, innovation, research & development with an aim to deliver value to the customers. By sharpening your strengths and working upon your weaknesses, you can capture the market and position yourself ahead of competitors. http://www.jurisconsultants.in Anushka Mishrawww.jurisconsultants.in
