COMPETITIVE ADVANTAGE
MAHESHWARI 1321739
Competitive advantage exists when a firm has strategy, product or an attribute that makes the firm capable of delivering similar benefit to the customers, that of the competitors at a cheaper cost. Having a competitive advantage is not enough the company should be capable of sustaining that particular competitive advantage for a longer period of time.
Sustainable competitive advantage:
A company or an organization can create competitive advantage only when it is able to distinguish itself from the rivals by implementing a value creating strategy over a longer period of time. It is said to have a sustainable competitive advantage when other rival firms are unable to duplicate the value creating strategy of the firm which has led to the achievement of sustainable competitive advantage.
On the other hand, we can say it is not the strategy that has been with the firm over a long period of time, which determines the existence of the sustainable competitive advantage, but it is the inability of the other present and the potential competitor firm to duplicate the strategy because of which there is existence of sustainable competitive advantage. Sustainable competitive advantage in Retail industry:
1. CUSTOMER ORIENTATION STRATEGY: Gaining customer loyalty is one of the ways to sustain competitive advantage. This can be done through by providing good quality of products at lower cost. Some other ways to build customer loyalty to have a