Competitive Advantages Competitive Advantages The selection of cost leadership as the competitive advantage that Riordan has to adopt is based on the fact that the company has adequate resources to ensure that it benefits from this strategy. As such, pricing of the company products in a unique manner will ensure that Riordan has the potential of attracting new, as well as retaining its customers (Khurana, 2002). This is because in every market, customers are sensitive on the price of the products and they focus on having value for their money. Effective pricing of the company products will ensure that long-term performance of the company is stable.
Such will occur since the company will increase its market share and have sufficient financing for acquiring more resources for the production process. Innovation and sustainability is another competitive advantage that the company should embrace. This is essential since innovation aids in improving the performance level of the processes of the company in the production of goods and services. Further, innovation contributes in the reduction of the production cost of the company and ensuring that sustainability is achieved.
Embracement of sustainability in the company will contribute in ensuring that the production process of the company does not suffer from technological changes and it is able to last for a long time. Hence, the company has room for adopting lean manufacturing, which is an innovative and sustainable strategy, which will contribute in the attainment of the competitive advantage for the company. Such includes having a stable long term performance of the company. ReferencesKhurana, R. (2002). Searching for a corporate savior: The irrational quest for charismatic CEOs.
Princeton, NJ7 Princeton University Press.