Competitive Advantage Is The Most Important Aspect Of Any Successful Business

Competitive Advantage and Customer Value proposition go hand in hand. “Competitive Advantage refers to what sets the organization apart from others and provides it with a distinctive edge for meeting customer or client needs in the marketplace.” (Daft, Marcic). “Customer Value Proposition is “ a well defined and persuasive marketing statement related to a specific product or service that details the reasons why a consumer would benefit from purchasing it. A business will typically use a customer value proposition as part of its marketing strategy to consumers, rather than using it internally among staff, suppliers or distributors.”( http://www.businessdictionary.com/definition/customer-value-proposition.html) Lululemon’s Competitive Advantage

2.Competitive Advantage – It includes the best product of an Organization in the competitive market.

Competitive advantage exists when a firm has strategy, product or an attribute that makes the firm capable of delivering similar benefit to that of competitors at a cheaper cost. Having competitive advantage is not enough the company should be capable of sustaining that particular competitive advantage for a longer period of time.

As part of the Impressions Salon & Spa’s marketing plan, the following sections provide details of the current market situation by analyzing: Competitors, strengths, and weaknesses; roles in the marketplace; plan to differentiate the business; environmental issues, and; the most significant trend that impacts the company.

To survive and thrive, an organization must create a competitive advantage. A competitive advantage is a product or service that an organization’s customers place a greater value on than similar offerings from a competitor. Unfortunately, competitive advantages are typically temporary because competitors often seek ways to duplicate the competitive advantage. In turn, organizations must develop a strategy based on a new competitive advantage.

There are many "quick salons" like Cranium, however, many of these salons, such as Cost Cutters, only provide the minimum services, whereas the upscale salons can be inconvenient due to scheduling requirements and cost. The owner of Cranium perceives an unfulfilled customer need for a low-cost salon that provides maximum flexibility and strong customer attention. Using this strategy, Cranium will gain significant market share and create critical long-term relationships with its clients.

They must have the resources, competencies, and capabilities to attain the competitive advantage. It must develop a value to have a competitive advantage.

A successful competitive strategy focus on creating value to customers, by efficiently use and integrate of these components.

Competitive advantage is the point of power for any organization as it is the point from which an organization can maximize it's profits if it's been planned for it well .

1. What is competitive advantage, and how does it relate to a company’s business model?

Competitive advantage(CA) is an advantage competitors gain by providing or offering customers or consumers greater value for their money through product and service differentiation or through lower prices. Maintaining competitive advantage is crucial to many businesses or organizations' success in order to survive in the market. Competitive advantage is characterized by superior performance which could be an attribute to outperform the competitors whether current or potential; or gaining a higher market share in a particular industry thereby ensuring market leadership; or ultimately, maximization of profit.(JOBBER 2010)

They have initiated and supported certain product launches, such as their new Hair Care range, Invent Your Scent, and Spa Wisdom. They have reinvented and redesigned their displays, signage, and stores in order to improve worldwide shopping

Competitive advantage is explained by Mahoney and Pandian (1992) as the function of industry analysis, organizational governance and the firm’s effects in the form of resource advantages and strategies. In order for a firm to be competitive it must adapt to the volatile business environment and through strategic management decisions establish a competitive advantage that will ultimately produce superior performance relative to its competitors (Akimova 2000).

In order to achieve competitive advantage, a firm must perform one or more value-creating activity that is more superior compared to other competitors. Superior value is created through lower costs or superior benefits to the buyers.

*  A competitive advantage is one that distinguishes a firm or a business from the competitors in the minds of the customers. It also refers to the state or ​condition that make a ​business more ​successful than the ​businesses it is ​competing with, or a particular thing that makes it more ​successful such as having a higher sales through offering low or affordable goods and services.