What is a competitive advantage based on resources?
On any market with a number of companies that compete with each other, the company needs to have a competitive advantage if it is to be successful. A competitive advantage based on resources is a process or item that allows the company to produce goods more efficiently than its business rivals, to maintain low costs and therefore sell at a lower price. A competitive advantage based on resources can also be something that allows the company to produce a quality product that is better than its opponents' products and is therefore preferred to consumers. A business advantage may come from sources that a company has not corresponding to its competitors, such as excellent labor, patents, trademarks, know-how or other intangible assets. The company could obtain tangible assets such as advanced technologies or manufacturing processes that are not obsessed with its competitors, and provide it with a competitive advantage, at least in the short term.
The enterprise can pour a considerable resources into the training of its employees and providedIt raises incentives to stay in its work and developing a well -informed and experienced workforce, which provides a competitive advantage based on resources. This qualified workforce can only be built over time, which makes it difficult to replicate in the short term. The workforce experience can ensure that the company has a competitive advantage for a long time.
A competitive advantage based on resources can also be created by holding resources, such as patents and know-how that allow the company to produce products of better products or use more efficient production processes to reduce costs. Another option is that the company has a strong trademark or has developed a valuable brand that allows it to increase the sale or charge the bonus for its product. Such intangible assets may be difficult to replicate while patents, trademarks or other mental rights inLastřevní.
In some cases, ownership of an excellent tangible asset can create a competitive advantage based on resources for the company. As a result of research and development, a process or process developed. For example, a custom IT system that is costly settings, but brings benefits in terms of efficiency, can create a competitive advantage and can be difficult for competitors to replicate. The innovative production process can also provide a competitive advantage of the company that will introduce it.