The paper "Important and Credible Non-Price Competitive Strategies" is an engrossing example of coursework on business. Businesses are established with the aim of achieving the set goals and objectively in the most effective and efficient manner. In this case, business owners have a duty to ensure that they invest in strategies and diverse approaches that can enable them to maximize their returns, cutting down on costs as much as possible. Businesses that manage to reduce their costs while maximizing their returns are those that end up being highly successful, controlling a substantive market share. In this case, it is important to note that systems and structures designed by the business to reduce its operating costs are an important advantage to the firm.
Before relying on any strategy, businesses owners have to ensure that they invest in a fact-finding mission; this mission involves conducting effective research and development activities continue to keep in line with the changes in consumer preferences, competitive strategies, and other factors in the external environment that can affect effective and efficient business performance. They often consider how their strengths can tackle weaknesses in their internal environment as well as how they can take on the opportunities presenting in the environment while countering the emerging threats as well.
This paper examines the importance of marketing and advertisement as well as research and development as important competitive strategies in the business, focusing on how they can be used as effective and credible non-price competitive strategies. Creating competitive advantages in the business Competitive advantages often occur when the business organization develops or acquires certain attributes that enable it to perform better than its identified competitors do.
Some of these attributes include the ability to access some natural resources or key raw materials that other competitors depend on but do not have that kind of access to. It could also be access to cheap and sufficient power or having certain kinds of skilled experts or technology, which enable it to cut down its costs.
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