What is the sustainable competitive advantage?
Sustainable competitive advantage is a long -term strategy or process that allows the company to stay in front of its competitors. Unlike short -term benefits, such as the first selling of a new type of product, a sustainable competitive advantage can be built into the company's structure and will help maintain its dominance over the years and even decades. The development of a sustainable competitive advantage often requires devoted efforts, the ability to innovate consistently and even a little luck. According to some of the most successful business minds in the world, sustainable competitive benefits are one of the main keys of long -term success.
One of the most likely sources of a sustainable competitive advantage is the ownership of a patent or trademark. Patents only allow the owner to create and license a particular product, which means that customers can only buy it from the original source or licensed distributors. One of the keys to make the patent sustainable advantage, howeverA product with similar, though not violating versions.
people working in society can be equally important for creating a sustainable competitive advantage as the products that the company creates. Being able to attract and keep your best mind in the field is a way to create a creative and innovative environment that can benefit every part of society. By creating a working environment that stimulates and interest workers, the company benefits not only from their best abilities, but also prevents competitors from accessing the same individuals.
As a customer is treated, it can help create a sustainable competitive advantage that extends customer loyalty and creates lifelong consumers. In addition to the offer of great customer services, the company can develop this advantage to consideration of all customer decisions. For example, locating interpretations in an easily accessible central areaWith sufficient parking can consistently attract more customers. Having a wide selection of products that offer customer incentives such as rewards and facilitating revenues and exchange can also help develop a strong consumer base.
To maintain an advantage, the company must be able to read the market properly and move with time. Many successful companies consider market research and product development as a vital part of business, and relies on research and development to provide direction and innovation to drive the company's success to the next generation. Even at the level of small enterprises, understanding trends in fashion, technology and social awareness can help direct future production.