Competitive advantage of an industry is the advantage that the industry has over the competitors, which allows it to make greater sales and retain most of customers more than the competing firms. All these factors rely on the firm’s cost structure, product offerings, distribution network and customer support. There are two types of competitive advantage which are cost advantage where the firm is at a position to produce goods at al lower cost than the competitors. The other form of competitive advantage is the differential advantage where the industries products differ from the competitors and customers perceive them as better than the competitors.
Resource based perspective in analyzing the competitive advantage encompasses the integration of the firm in its environment. It connects the resources to the competition. Competition has become so diverse over the past few years as some have extended it to the economic, cultural, political, and international influences. Imitability is the major source of competition for most products. When a product is hard to imitate competitors can not go out to buy the products. They instead should ensure the products being produced have specific four characteristics. The industry should ensure they are physically unique so as to make it hard for the competitors to buy and spoil the quality as they can be seen on a keen observation. They should too be path dependent where the products produced are scarce and hard to imitate (Lucas, & Kirillova, 2011). The casual ambiguity is another sign which makes it hard for the competitors to trade on the products as the products are ambiguous thus difficulties on how to recreate them. The final source is the economic difference where the competitors can not imitate the products as there are major strategies which have been put in place around the capital investments. This makes the products be scale sensitive and specific to the given market. This threatens any competitor from copying the product and making effort to produce other new products in the market (Lucas & Kirillova, 2011). The industry can also employ the testing of durability on how quickly the resource depreciates. The longer lasting resources become more valuable thus can sustain competitive advantage in a market for long before the competitors can be able to get a durable substitute (David 145). The imitate process can not take place in such a resource as the quality is what matters to the customers mostly. The technology based products are easily imitable as the prone use of technology in the current world will lead to a similar innovation.
It is wise to decide on the location of the industry as both internal and external factors which affect it must be curbed. An industry should be located in any of the areas that the environment can allow f or the manufacturing flexibility. The environment surrounding an industry is viable for its alignment. Once the industry has decided on the position it now decides on the activities to be employed to achieve the specific goals. The external and internal factors which influence the performance of the industry matter due to the degree in which the two relate. The manufacturing flexibility in the industries is governed by the proper allocation of the resources and the citing of the industries as some of the industries have decided on employing the environmental citation to create the competitive advantage and maintain it (Collis & Montgomery, 2008). The location of the industries is a great show in that the industry helps in the transformation of the nature of the industry. Wrong location of the industries can cause the ignorance of the active side of the firm thus making it loose the important opportunities and misjudgments in the environment they are located in. there are four specific strategies which can be used to deal with the environmental cues in an industry. They include adaptation where it is an approach to respond to the changing needs of the customers. The industry in this case is dependent on the customer’s demands towards the products they are producing. The redefinition strategy involves the firm changes the products being produced to fit into the competition landscape of the competitors. Banking is the process by which the industry uses to adapt to the future trends of the industry. The firm adapts changes in the market in defining the reactiveness. Reduction is the process by which the industry undertakes the process of modularity in getting the distribution of information from the customers and from the competing groups (Collis & Montgomery, 2008).
In conclusion, there are specific measures which should be put into place when working on with the establishments of the industries to get the required competitive advantage. The environmental location is a major core in the manufacturing of any good as they are all directly dependent on the flexibility of the market produce. Once the company is situated in such an environmentally convenient area, the right basics towards the competitive strategies are put in place to ensure maximum profits are gained from the industry. The right measures on the business conducting are not only from the positive part of the company but the negative, as the negative are the ones which make the industry get challenged to invoke new innovations in the business.
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