Business is any activity that seeks to provide goods and services to others while operating at a profit. It is the organised effort of individuals to produce and sell, for a profit, the product and services that satisfy society´s need.
Unquestionably, today’s business environment is very competitive. Maintaining a competitive edge is of vital significance to the success of any business.
Competitive Edge in Business
A competitive edge is the ability of a business to stay ahead of present or potential competition. It is a unique method used by a business to draw in customers.
10 Ways to Develop a Competitive Edge in Business
- Cost Leadership
- Product Benefits
- Product Differentiation
- The Market and its Segments
- Understand your Competitors
- Examine your Unique Business Strength
- Understand your Customers
- Strategic Alliance or Partnership
- Adaptability
- Economic Moat
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Nice read. I am most enthused with “Economic Moats”. In remote Africa, establishing a “Palm wine” spot in and around swamps and rivers along roadsides in the forests could also pass for this. Especially when these are around commuting roads, fishing and canoe transport areas. The journey in “The Voice” by Gabriel Okora and the many spots in Sapele/Warri road in Nigeria come to mind. Just trying to localize this beautiful term.
The competitive edge here resonate with the many opportunities around such bursting and traditional economicfull spots. Places that create many satisfaction for local traders and travellers who should be glad that there is an added service provided – a kind of hospitality – while you trade in fishes and voyage through quiet African rivers and streams.
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It would be nice to know what line of business to pursue after COVID-19. Courage Consultants will be a great place to stop for that needed guidance . Thanks for sharing your thoughts with us.
The World isn’t ending with the Pandemic caused by COVID-19. Thanks for creating this awareness. The World need a dynamic mechanisms to have the restored.