Competitive advantages must identifying a specific target audience with a clearly need, developing and delivering a high quality of products and services in appropriately priced to be the best than anybody else. But what are the elements of a competitive company? Here are some factors that helps the organization to become a competitor in market.
1. Cost leadership:
It is a business strategy that allows a company to lowest cost production in an industry. There are two options in businesses to improve profits, increasing or decreasing costs. This strategy focuses on acquiring a highest raw materials at lowest price then change them into valuable consumer goods. Low cost leadership often leads to increases in market share.
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This is the key to achieving competitive advantage for your business.
6. Encourage workers to talk with their leader:
Especially about their problems. Employees feel safe when they speak or ask for a help from their leader rather than to feel fearful, this will leads to better performance outcomes. Feeling safe in the workplace supports the spirit of experimentation for new innovations. Kamal (2015) shown that "empowerment, when coupled with good training and teamwork, leads to superior performance outcomes whereas a range of efficient manufacturing and operations practices do not". (Kamal, 2015)
A positive workplace is the best successful place over the time because its well-being and increases positive emotions. In turn, it amplifies people 's ability and creativity and improve their relationship with other co-workers. Also it improving employee’s ability to attack challenges and difficulties while boosting their health. This make the employees more loyal to the organizations and the leader as well as bringing out their best strengths.
According to Lewin 's (1958) theory there are three clearest and simplest steps models about change management. First step is "unfreeze" people always need to understand why things should done in another ways. The process of "unfreezing" is sensitive culture, which means explaining why the organization is
No matter how easy is may seem on the surface, the unfreezing, moving and refreezing stages of Lewin’s 3-Step model must be taken (Lewin, 1946). These stages are difficult and persistence by the organization in sticking to its objectives for growth and improvement must remain a top priority. In reality no matter how many positives a new idea is there will always be resistance when it is introduced. Change management is therefore central to the process of making the transition from the old system to the new and change management practices should be employed throughout the transition (ITIL,
An employee’s morale is tied to their work, the more stressed and dissatisfied the employees are the more their work will suffer. A happy employee means more work will be done, working in a happy and safe and secure work environment will make the workers more willing to work harder.
The change model the leadership chooses will prepare the organization for the change process, implement the change, and strives to regain stability as soon as possible (Orlikowski, 1997). The model chosen for this change is Lewin’s three step change model of unfreezing, change, and refreezing, as it is believed to work best in this organization. According to Orlikowski (1997) Lewin’s model allows the organization to prepare for, implement the change, and attempt to regain stability as soon
In order to examine this issue further, this research will look at a number of different sources. Contemporary managerial sources are explored in order to understand how other voices in the field are describing similar methods for change. First, popular structures for change management are examined, especially within their correlation to Palmer & Dunford (2009). This is followed with an extensive
Competitive advantage is that a company has better ability in earning profit and profit growth compared to its competitors for the same group of customers in one industry.
Increasing productivity and sparking motivation in employees, are challenges that managers, businesses, and organizations have struggled with for centuries. While there are many beliefs about which method(s) yield the best results, and what is considered to be the desired result, a ‘one-size-fits-all’ management technique still does not exist. The current movement in psychology, called Positive Psychology, focuses on what is “right” in an individual, and not on their faults. This basic concept is starting to extend its influences into the workplace, making it seem that Positive Psychology may become the key ingredient corporate culture, and all places of employment alike, have needed to promote success and satisfaction in their lines of work.
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.
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.
Positive work environment: a culture where junior employees are given fair amount of responsibility and are allowed to challenge themselves is one where employees are more enthused to work and enjoy what they do.
284). Before an employee can begin to feel empowered, an open and safe environment must already be established. Employees must be given the freedom to make accountable decisions and encouragement to make these decisions. Some types of encouragement that can be provided to the employees are recognition, assured feedback, and guidance/support (Yoder-Wise, 2015). Empowered staff strive to obtain goals and provide quality service.
Today’s markets hold aggressive competition between companies in order to dominate as much share as they can from the market. That is why most companies are seeking for a competitive advantage that will differentiate them from their other competitors and makes consumers buy their services or products over the others.
* 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.
A Competitive Advantage is a peculiarity for an organization between it's competitors . It's achieved either by lowering prices or by greatening the value of the product or by offering luxury service and benefits to cope with high prices .
Furthermore, this particular topic helps the business world in so many ways. Competitiveness, Strategy, and Productivity are the three important characteristics of any business. Competitiveness in this chapter refers to the effectiveness of an organization in the marketplace similar to the other operations that offer familiar products or services. Strategy is known to denote a particular plan for achieving
Competitive strategy is the moves and methods that the firm has taken and is taking to appeal buyers, improve its market position, and to endure competitive pressures. The strategy is about what a firm’s capability to try to knock off competitors and attain competitive advantage, which can be offensive or defensive. There are three approaches to competitive strategy, which are low-cost leadership strategy where struggling to be the overall low-cost manufacturer in the in industry. Moreover, pursuing to distinguish one’s product offering from competitors (differentiation strategy), and the last one is focus or niche strategy where aiming on thin portion of the market rather than the whole market (Porter, 1998).