Strategic Planning for Competitive Advantage.
Discuss the strategies that organizations can adopt for gaining a competitive advantage. What are some of the key areas to strategic planning? Refer to this week’s lecture before crafting your post.
ANSWER
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Write My Essay For MeCost leadership is a strategy used by organizations to gain a competitive advantage. This approach entails gaining a competitive advantage over the competitors by lowering the prices for your goods and products to make them cheaper and accessible to a larger customer base. The approach is used to gain a competitive advantage by reducing operational costs and charging products at industry-average prices, lower than those of the competitors (Kharub et al. 2018). Besides, by using this approach, organizations gain a competitive advantage by increasing the market share through lowering prices and still making profits due to the reduced operational costs.
Differentiation leadership is another strategic approach used by business organizations to achieve a competitive advantage. With this approach, a company gains a competitive advantage over its competitors through the provision of goods and services, which are perceived to be superior to those offered by their competitors, even though the prices are high. Some buyers believe that expensive products are of high quality and are better than cheaper goods. Organizations, therefore, make superior goods compared to those of their competitors to attract customers with this notion. The approach is best applied in a small and specialized market segment (Chapman et al., 2018).
Using the differentiation focus approach helps a company gain a competitive advantage. The differentiation focus approach entails retaining your already existing customers and trying to attract new customers by ensuring that a company’s product has unique features essential for the development of brand loyalty among the buyers (Walsh & Dodds, 2017).
To generate a good strategic plan, the company should focus on its objectives, modes of operation, and strategies, evaluating its weaknesses, strengths, opportunities, and the underlying threats, the core…
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