Answer to Question #226243 in Management for chris

Question

In determining the purpose of existence of a business, examine the four steps that a business goes through to achieve a competitive advantage. 

Answer 1

Achieving competitive advantage is very important in determining the success of the business. Achieving a competitive advantage in the market involves four steps as; Firstly, the business should identify its competitors in the market. Secondly, the business should compare the competitive factors with the competitors. These factors could include pricing, product quality, customer attractiveness, advertising, appearance, company reputation, credit policies, expertise

image, location, and general macro-economic factors. Thirdly, determine the strengths and weaknesses and analyze your factors too in relevance to your own business environment. Lastly, create a competitive marketing analysis, you should have clarity on how you can gain a competitive advantage over your competitors.