Competitive success factors
The competition in the market today is ever-growing and becoming stiff due to the many firms being established (Rezaee, 2018). Additionally, the emerging technologies around the world are ushering in new and improved methods of doing things. These new technologies have also led to the emergence of new products and services hence posing great competition and threat to the existing products and services.
It is, therefore, vital for organizations to ensure that they remain competitive and thriving in the long run (Matwiejczuk, 2018). Different factors contribute to competitive success, and they include the following. First is that the organization must focus on product differentiation. Through this, the organization can come upon with unique products and services that will enable them to attract many customers. Secondly is that the organization must remain focused on creating value. Continuous value creation is paramount to satisfying the ever dynamic and changing needs and interests of customers which is key to making customers loyal. The third key factor in competitive success is price-focused. An organization ought to be focused on having the lowest prices on their products if they want to be competitive. Having the most affordable products and services in the market give the organization a competitive advantage since many customers will go for their products. The fourth factor when it comes to competitive success is the ability of an organization to focus on its customers and ensure that they are satisfied. Bearing in mind that customers’ needs are dynamic, especially with the emergence of new technologies, they must remain focused on satisfying their customers. Meeting customer needs to make them satisfied is key to achieving and maintaining the competitive advantage the organization has.
References
Matwiejczuk, R. (2018). The concept of key success factors in logistics and supply chain management in the context of creating a competitive business advantage. Transport Economics and Logistics, 78, 19-27. doi: 10.26881/etil.2018.78.02
Rezaee, F. (2018). Key Determinants of Success to Achieve Sustainable Competitive Advantage (SCA). Archives of Business Research, 4(6). doi: 10.14738/abr.46.2340