Business is any activity that seeks to provide goods and services to others while operating at a profit. It is the organised effort of individuals to produce and sell, for a profit, the product and services that satisfy society´s need.
Unquestionably, today’s business environment is very competitive. Maintaining a competitive edge is of vital significance to the success of any business.
Competitive Edge in Business
A competitive edge is the ability of a business to stay ahead of present or potential competition. It is a unique method used by a business to draw in customers.
10 Ways to Develop a Competitive Edge in Business
- Cost Leadership
- Product Benefits
- Product Differentiation
- The Market and its Segments
- Understand your Competitors
- Examine your Unique Business Strength
- Understand your Customers
- Strategic Alliance or Partnership
- Economic Moat