Almost all businesses face stiff competition for them to be sustained in the business. Therefore, when a business is more advantaged over the rest it is more competitive and it controls a larger market share hence being more competitive. For the business to attain such high competitive advantage it needs to strategize. Therefore, there is need to manage such achievement with what is refereed to as management of competitive advantages which will entail; protecting its Intellectual Property (IP), copyrights, cost competitiveness, promotion of the business, image enhancement, innovativeness, continuous assessment and evaluation to improve the products or services which they will be offering. Therefore, his assignment evaluate on how businesses should be able to manage their competitiveness in the market to retain domineering the market share.
Competitive advantage management
When a business attains competitive advantage over the rest is not a guarantee that it will be able to sustain it for long. Therefore, it is important for the business to continually maintain its competitiveness over other competitors by evaluating the market needs often so that they can improve on the goods or services being delivered. According to ArticlesBase (4) if a business ignores the changing needs in the market it risks losing its competitiveness.
Competitive advantages management can only being achieved by implementation of several strategies and methods which ensures that it position the business way far ahead the rival businesses. Hence, dominating in the market, it is important to include competitive management in the business plan which is being used to set up business operations and daily operations of the business which determines whether the business is successful. If it is excluded in the business plan there is high likelihood of not implementing it.
For the business to be successful it shall need to understand that prosperity and survival of the business mainly depends on whether its managers are able to master the relationship between effective operational execution and strategic decision making, which in turn ensures that they are able to pick the right market and execute them much better to beat the competitors.
The business must define its products and services to be competitive by ensuring that they are different, unique and can not be copied by the competitors. Customers mainly go a certain product or service because its superiority in the market which the business must maintain by ensuring that it has protected its intellectual property (IP) and copyright to ensure that they are the only one with the exclusive rights on how they present their products or services.
Once a business has launched its product or service it undergoes different phases in its life cycle as the product/service gains popularity. All through the product/service development its is supposed to be taken care for and continuous improvement being done to ensure that the business is able to retain the market share which it has and be able to penetrate to more market share.
Protection of intellectual Property (IP)
Intellectual property is the main competitiveness advantage tool which a business uses to make its products or services to be unique and remain focused on its core competitiveness. Hence, it is important to ensure that it is protected. A business formulates its policies and designs for its products and services and in most cases pioneered in an innovation in the market. Such innovations translate to competitive advantage. Therefore, there is need to protect such innovations with a purpose of protecting the company innovation and competitiveness as well as efforts which had been put in place in research and development of the products or services. According to Johnson (7) Intellectual Property is much broader than patent when it is being considered for competitive advantage. Hence, the management must also include