Category

BUSINESS

Category

Competitive advantage is what makes a brand superior to other brands, it’s the superiority that brand has over its rivals that lead to better profit maximization. It’s about providing more benefits and better value to the end consumer, thus being able to convert him/her into repeat customers. The Three Determinants of Competitive Advantage: In order to achieve or maintain competitive advantage you should be aware about the three determinants: Competition: Start by identifying your direct and indirect competitors through a competitive analysis and knowing how they can cannibalise your business. This may or may not necessarily relate to companies or businesses related to the same nature of business. For newspapers, other newspapers are not just competition but it’s the internet as well that can give instant updates as and when the news breaks out. Gradually, newspaper started adapting to the change and invested in online assets. Similarly, as far…