For this assignment we were provided a question and each student responded to that question. We must now respond to two of our classmates answers with a substantial post. I will provide the original question and the two answers that need to be responded to. Each question needs a separate answer.
Original Question:Reflect on your experience in this course (Strategic Management). What do you find to be the most important elements to improve an organization’s competitive advantage?
Answer 1: The greatest way to improve an organization’s competitive advantage is to employ knowledgeable, capable staff. The people behind an organization are the ones who will drive the company forward in innovation. Per Mar (2013), “products come and go – a team that can repeatedly design products that wow your customers is sustainable”. One of the greatest element to improve an organization’s competitive advantage is the ability to provide quality products (comparable to competitors) at a slightly lower or equal price. Another important element to improve an organization’s competitive advantage would be differentiation, which could come in many different forms such as providing interactive tutorials, outstanding customer service, innovative products, & social responsibility.
Answer 2: Competitive advantage is what makes an organization have an edge over others. It is that condition or circumstance that helps the organization to keep ahead of the competition. For example it could develop a knowledge base that makes it have a competitive edge over its competitors or it could be the cost leaders. A competitive advantage remains an advantage until the competitors cannot copy the model. It is important that organizations sustain their competitive advantage. Organizations need to focus on innovation. The business environment is dynamic which means that the environment keeps changing. Organizations need to be dynamic as well. They need to innovate to keep ahead of competition. Technology can also be a competitive advantage. It remains a competitive advantage for the organization as long as the technology cannot be imitated by others or there is more advanced technology introduced by the competitor. Therefore, organizations dealing with technology should have R&D in this respect. Another way organizations can improve their competitive advantage is by enhanced customer relations. Enhanced customer relations can create a loyal support base which can turn out to be an effective competitive advantage.
