In today’s fiercely competitive landscape in business, organizations need to secure a competitive advantage to thrive. This advantage sums up the unique strengths and capabilities that sets apart a business. It drives the success of a business in the marketplace. Take industry giants like Nike and IKEA, for example. They not only keep customers, but they also grow their market share. They boost profitability by leveraging their competitive edge.
Watch the following video on competitive advantage and business strategy to explore how it addresses the questions below:
Competitive Advantage and Business Strategy
Discuss the following
- How do companies like Nike and IKEA leverage their unique strengths and abilities to keep a competitive edge?
- How does innovation help businesses to remain competitive?
- What strategies would you recommend to help an organization build a competitive market profile?
