A Sustainable Competitive Strategic Advantage

1488 WordsOct 13, 20146 Pages
At the outset, this paper aims to establish what constitutes a sustainable competitive strategic advantage, and the methods through which this can be achieved. Barney (1991) in his research established that a company is able to develop and sustain a competitive strategic advantage when it implements value creating strategies that are unique to the company, and when the benefits of these strategies are difficult to duplicate. Based on this definition, this paper identifies customer loyalty, acquisition of high quality staff, building brand value, and keeping up with consumer trends as four crucial methods to creating a sustainable competitive strategic advantage. Through the use of practical examples and supporting research, the ways in which social media can help companies achieve these sources of competitive advantage will be explored. Social media is a powerful source through which companies are able to establish real time connections with consumers, employees and investors and build these personalised relationships with a global reach (Safko 2009). Living in an age where iPhones are produced at a faster rate than babies being born (Ford Report 2012), consumers are armed with real time connectedness through their mobile devices, and tablets which will continue to facilitate the widespread use of social media. Since social media is a lower-cost tool that enables companies to engage in direct consumer contact it can be significantly more efficient than relying solely on
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