Initial question:

What do you find to be the most important elements to improve an organization’s competitive advantage?

My Response:

Competitive advantage entails the superiority status of an organization in the market. The superiority is due to the ability to produce the same competitor products but at a lower price. Competitive advantage can be gained through differentiation, cost leadership, and utilization of strategic alliances with various business partners (Huang, Dyerson, Wu & Harindranath, 2015). The discussion postulates cost leadership as an essential element to improve an organization’s competitive advantage.

Cost leadership, the most crucial aspect to enhance competitive advantage

Consumers are susceptible to the price and quality of goods and services. Cost leadership is possible if the business can provide the same quality goods and services at a lower price. As a result, there will be consumer attraction because they will afford more products and services at a lower price (Tyagi, 2016).

To cut down production costs, the company should employ efficient production methods and strategies to lower the production cost. The implementation of automated technology can cut down labor costs. With the use of machines in the production line, the need for workers diminishes. Likewise, the economies of scale can be employed. The organization should buy raw materials in large quantities to get quantity discounts.

References

Huang, K., Dyerson, R., Wu, L., & Harindranath, G. (2015). From Temporary Competitive Advantage to Sustainable Competitive Advantage. British Journal of Management, 26(4), 617-636. doi: 10.1111/1467-8551.12104

Tyagi, R. (2016). Cost leadership and pricing. Economics Letters, 72(2), 189-193. doi: 10.1016/s0165-1765(01)00431-1

Respond to this:

Also, significant elements that I found valuable throughout this course are related to marketing strategies such as; segmentation, targeting and positioning, promotional tactics, monitoring and evaluation, and an effective marketing plan that helps the company gain competitive advantage. Good marketing strategy reflects the way a company pursues its customers depending on whether the competing factor is based on quality, price, product, or service. Furthermore, for a firm to maintain a competitive advantage, there is a need for them to consider issues like aligning their products with customer needs, taking over new markets, expanding distribution channels, and a focus on excellent customer services.

APA 100-200 words. No title page needed.