Characteristics of Competitive Strategies
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Strong research and development capabilities. Access to intellectual properties. Exclusive re-selling or distribution rights. Ownership of capital equipment. Superior product or customer support. Low cost or high volume production. Economic factors. Superior database management and data processing capabilities.
Competitive advantages are attributed to a variety of factors including cost structure, branding, the quality of product offerings, the distribution network, intellectual property, and customer service.
The idea here is that if a firm is to maintain sustainable competitive advantage, it must control a set of exploitable resources that have four critical characteristics. These resources must be (1) valuable, (2) rare, (3) imperfectly imitable (tough to imitate), and (4) nonsubstitutable.
According to Porter's Generic Strategies model, there are three basic strategic options available to organizations for gaining competitive advantage. These are: Cost Leadership, Differentiation and Focus.
Product quality. Strategic pricing. Customer service. Market positioning. Distribution networks. Innovation and access to new technologies.
The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances.
Cost Leadership Strategy or Low-cost strategy. Differentiation strategy. Best-cost strategy. Market-niche or focus strategy.
WHAT IS A COMPETITIVE STRATEGY? A competitive strategy may be defined as a long-term plan of action that a company devises towards achieving a competitive advantage over its competitors after examining the strengths and weaknesses of the latter and comparing them to its own.
