Sample Marketing Essay on Business Competitive Advantage

Business Competitive Advantage

Competitive advantage may refer to an advantage that one particular business firm may have over and above its competitors that allow it to generate greater sales, and, or retain customers. Geant hypermarket has a competitive advantage over is competitors. It is evident that the business has achieved huge success since its formation in 1898.

There are several strategies that Geant could apply to attain competitive advantage. Some of these strategies may include; setting up favorable prices for the commodities they retail. Many customers prefer value for their money, and the more they can get from the stores with one dollar the better for them. Offering a variety of products more than the competitors will make the business a must destination for every customer. Locating their business premises in easily accessible regions, will allow quick location and shopping by the customers. Offering high-quality goods to the customers, goods that serve the purpose they are purchased for, goods that offer extended service to the customers. High-quality goods create trust in the customer.

The most important tactic of retaining the competitive business advantage is through staying ahead of its competitors. Monitoring the competitors’ capabilities will enable the business always to be one or several steps ahead.

Greant as a retail business should not assume with certainty that it will always be ahead. There’s need for a perpetual evaluation of its competitive advantage. To stay at the top the business has to be innovative, that is, always coming up with better ways of performing an activity. The business should also monitor its position in the market in terms of changing technological advances and market trends. In conclusion, no business is ever safe in the market.