To sustain a competitive advantage, an organization must have resources with what characteristic.
Competitive advatage is a circumstance that helps the company or an organization to become superior in business position. Resources are firm - specific assets that is useful for creating a cost differentiation advantage that the competitors acquire.
The resource should have these characteristics for competitive advantages
Let's look in detail
- Trademarks indicate the source of the product or service to a customer
- The trademark selected should be descriptive of the product or service
- These marks are meaningless marks, covered by the manufacturers of the products
-These invented marks reduces cost of registration and allows you to take action against anyone who adopts these trademarks
- Trademarks helps customers to ask for a particular brand of products
- Trademarks assure the customers the consistency in quality of products . So trademarks are also referred as trustmarks as it has gained the trust of customers.
- The products must be attractively packed for catching customers attention.
-Sophisticated companies know that patents are indispensable in the modern economy.
- Patents are barriers against competitors practicing a particular technology.
- Confidential concepts, formulae, software code, technical information etc provides competitive advantage to a firm.
- Propriatery know- how is usually practised under law against these unauthorised disclosure, misuse or stealing for an indefinite period.
-Companies that doesn't embrace the propriatery movement risk their competitive advantage.
- Proprietary tech will help your company operate more effectively and save money.
Customers expect the highest level of services and propriatery tech delivers it.
- One of the most important factors in the success of a small business in the formation of a sizable and loyal customer base.
- Your installed customer base is a subset of your general customer base
- Keeping your installed customer base happy often requires different strategies than you might use for your general customer base
- The installed customer base are those customers who are currently using a company's products.
- Because it is more expensive to acquire a new customer than it is to maintain an existing one, many businesses concentrate on keeping their existing customers happy by offering special pricing and promotions of products and giving extra discounts.
- Reputation is an intangible asset that can build competitive advantage to a firm.
- Reputation provides an identity that becomes rallying point for employees and makes customers proud to be associated with a company or brand.
- Positive reputation helps a company keep its customers attracts anr add values to the share price as the share taken on an intrinsic value of its own.
- Brand equity is the value of a company's name and reputation.
- High brand equity is the key quality to generate loyalty.
- High brand equity helps you in a better position in market
- Brand equity helps the company to bring customers gravitate toward products with great reputations.
Competitive advantage in the marketplace ultimately derives from providing better customer value for equivalent cost or equivalent customer value for a lower cost.
-The components of the resource rereness include its persistence overtime and its limited supply
-Resources are hard to imitate if they are extremely expensive for another organisation to acquire them.
- The resource will be tough to imitate if it is protected by legal means such as patents or trademarks.
-Non-substitutable capabilities are those that do not have strategic equivalents.
- The resource should be non-substitutable when no other resource or capability can be utilized as an equivalent.
To sustain a competitive advantage, an organization must have resources with what characteristic.
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