Cybergreen; Web Hosting of the Future
Competing in the marketplace is like war. You have injuries and casualties, and the best strategy wins. The main aim of any business is to make a profit and to maintain its competitive nature over a set period. A competitive market can sustain all the hardships and be present for generations. The competitiveness of an industry is, therefore, paramount and useful, particularly when profits are the center of operations for the given company. For a company to gain competitive advantage, some ground shakeup is mandatory.
One of the first and most paramount competitive advantage is cost leadership. Cost leadership is where a company can provide goods or services of the same or even better quality than their rivals at a much fairer price. Cost leadership is attainable when the cost of production is significantly lowered. It, therefore, calls for the complete and appropriately utilization of the factors of production. The use of technology is one the ways that gives any particular company an upper hand in their quest to dominate in any sector. The ultimate utilization of cost leadership can ensure that the company dominates and hence becomes a monopoly (Lewis par.2).
Another way to attain a competitive advantage is through differentiation. For any given company to succeed, there is a need to be different. The differentiation in its running and products, one can gain a wider market than their rivals. They can find a market need that is not yet fully satisfied. It is also nice, especially when a company is coming up with ways to diversify their already present market. Good research and innovation are, therefore, paramount. The management also has to come up with an effective marketing strategy to help change the minds of people who are already used to the previous product (Lewis par.3).
A company may result to of a focused strategy to gain a competitive advantage. Through the center strategy, a particular business can solely concentrate on a particular niche market. The concentration in such a market, one can understand all that entails that market; the dynamics of the business as well as the unique needs of its customers. A customer is, therefore, served well leading to customer satisfaction hence a higher rate of customer retention due to customer loyalty (Mind Tools par. 6).
In a nutshell, for any company to survive and overall handles, the company has to understand the reason it is in business and hence come up with ways to be ahead of the pack and always set the pace.
Works Cited
Lewis, Jared. Four Methods of Competitive Advantages. 2016. Web. 3 August 2016
Mind Tools. Porters Generic Strategies. 2016. Web 3 August 2016
