Competitive advantage is a business concept that can help an organization stand out from others within an industry. This is especially important in today’s markets, which are often competitive global markets. The advantage could consist of greater resources, better technology or more skilled personnel, and it often stems from an organization’s ability to offer lower costs or exceptional value and service. Additionally, the advantage could be the product’s manufacturing process or even the product itself. No matter the source, a competitive advantage improves the outlook of a business.
Businesses are always looking for ways to attract customers. Having a competitive advantage over other businesses in your industry can help you expand your customer base and boost your success. The courses in an online MBA program train students to identify and cultivate advantages within their industries. This coursework, in addition to hands-on experience, can also help entrepreneurs evaluate their current standing and work toward an advantage.
When looking to identify and capitalize on a competitive advantage, it is important to evaluate your business. Look for unique features of your business, find ways to maximize efficiency and lower costs, and study your competition to see how you compare. It is especially important to focus on service because, while other factors may not be adjustable, you can always improve upon quality of service.
MBA programs often offer courses that cover personnel and human resource topics, or even courses specifically tailored to competitive advantage. Through the Managing Sources of Competitive Advantage course, the LSU MBA program covers contemporary approaches to developing and maintaining a competitive advantage in the global context.
Businesses that can capitalize on a competitive advantage are more successful at attracting and retaining customers. Lower costs and higher quality are two of the easiest ways to cultivate an advantage, be it for a product or a service. It is wise to spend time evaluating your business, as well as similar businesses in your industry and even other successful entrepreneurs who have been able to capitalize on an advantage. Investing time in research can set you on the right path toward creating your own advantage. Coupled with the information and knowledge gained from an MBA program, you will be well on your way to success.
Learn more about the LSU online MBA program.
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