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How to stay competitive? What actions can a company take to compete against its rivals?
In the world of globalization being competitive means beign able to survive.
We could meet this phenomenon everywhere starting from everyday activities and ending with competitions between big organizations, global companies.Most businesses come into being because an entrepreneur has identified a niche in the marketplace - and in the early months or years there may be relatively little pressure from competitors. But your very presence in the marketplace invites competition, and before long you find yourself in a tightening market with competitors, large and small, snapping at your heels.
So I'd like to analyse systematically steps, helping beign competitive.
Firstly, market drives.This means keeping one eye on your customers or clients and striving to delight them, and keeping the other eye on your competitors and striving to outshine them.
Secondly, customer focus.Successful businesses know their customers, understand their present needs, and successfully anticipate their future needs. Customers and clients are brought into active partnership with a goal of total customer satisfaction.
Thirdly,Clever leaders lead their companies to the success by different innovative strategies. The range of features rivals compete is very wide, but main issues are still the same: consumer attention, costs and technologies.
If you get some techniques which unknown for your competitor, you have a very significant advantage, you are ahead of the game, e.g. in 1980s Samsung knocked Nokia sideways with it`s slim camera sets.
And, last but not the least, SWOT the competition. A useful tool for staying ahead of your competitors is a SWOT(Strengths, Weaknesses, Opportunities, Threats) analysis. First analyse your competitors' strengths and weaknesses in areas such as price, added value, customer service, location, management expertise, reputation, convenience, skills base, advertising, and marketing, and compare them with your own. Try to find ways to turn their weaknesses into your strengths.
Then look at how well placed they are to respond to various threats and opportunities. These are usually factors outside their control such as developments in technology, changes in legislation, or new entrants into the marketplace. Look for ways to turn their threats into your opportunities.
All in all, I'd like to say that in company world competition often could be tough, intense or unfair. But to survive companies should be able to adopt troubles. I would like to end a presentation with a quote to think :“competition brings out the best in products and worst in people”, David Safnoff, American businessman.Never take your eye off the ball as far as your competitors are concerned - and never underestimate their potential to wrong foot you. Whether you are watching them or not, you can be sure they are watching you!