The four building blocks of competitive advantage can be used to help a company become more profitable and stay ahead of their competition. The four factors are superior efficiency, quality, innovation, customer responsiveness. All four building blocks are important to any company. However, I believe that customer responsiveness is the most important because having loyal and happy customers can make or break any company. The four building blocks can help companies grow and become the leader in their industry over their rivals. First, superior efficiency deals with the ability to use fewer inputs to produce a particular output. This building block can be broken down into two parts: employee productivity and capital productivity. Employee …show more content…
This deals with a customers’ perception that a product or service they are buying provides them with a higher value than a competitor. Superior quality can be broken down into two kinds of attributes: quality as excellence and quality as reliability. A customers’ perspective of quality as excellence would be that they want a product or service that provides features and a level of service that has no comparison. With regard to quality as excellence, if customers perceive that the products design, features, and functions are better than everyone else, then they would be more likely to buy their product. Higher quality products allow for a higher sense of value provided to the customer. Then, companies can charge a higher price because of that. Whereas, from the quality as reliability perspective, customers want a product that performs as it was intended and can last. The product or service has to appeal to the customer and make them want your product over another. Companies will be more profitable because their products are more reliable, then they will have less defected products. In return, less time and money are spent fixing those mistakes. When the value a customer receives from a product is greater than that of another then they are more inclined to stick with that …show more content…
Superior quality and innovation are important to achieving superior customer responsiveness. The ability to satisfy the needs of your customers will allow for your company to stay ahead of your rivals. Customers will be more likely to choose a company if they feel like their voice or opinion is being heard. Another part of this building block is the customer response time. Customers want their products quickly, so ability to deliver the product or service at a quicker rate is important. Customers will be a loyal customer if their opinions and needs are met by a company. I believe this is the most important building block. I have worked as a manager of a retail card and gift store in Wantagh for the past five years. Throughout my five years, I take great pride in the customers that shop with us. If there is something that I can do to help my customers or order them a certain product, I don’t hesitate. Sometimes you can’t help them 100% of the time, but the effort they see you put in will mean more to them. Customer service is my first priority because customers that are loyal to us and will tell their friends or family about
With a priority system in place, you are less likely to receive complaints from customers who had to wait for issues that just couldn't wait. 1.Strengthen your customer service skills First, it's important to make sure that your customer service team has the right skills for your managing customers' needs. No amount of CRM software can compensate for shortcomings in this area. But what skills should you be looking for in a customer service
Shoppers Drug Mart (SDM), known as Pharmaprix in Quebec, is one of the most recognized and trusted brands in Canadian retail. With 98% consumer awareness and over 1350 stores (both convenient and Home Health Care), SDM is the number one provider of pharmacy products and services across Canada. Built on the three main pillars of beauty, health and convenience, SDM offers a diverse product offering in over-the-counter medications, health and beauty aids, household consumables, mass premium cosmetic products, and exclusive private label brands. With the pharmacy business generating more than 50% of total sales, SDM aims to stay on top of innovation, technological trends and consumer preferences in today’s constantly changing marketplace.
PRE-GROOMING CONSULTATION AND HEALTH-CHECK When a customer arrives with their dog for grooming, you should be expecting to see them. You might know the dog and the customer really well already so you can greet the customer and their dog by name. But, if you don’t, make sure you’ve made a mental note of everybody and their names showing up for the appointed time. It really makes a difference. Treat the customer well.
(2). If products satisfied us eternally, there would be no need to buy that again or anything else. If the consumer purchases something that provides a temporary happiness they are likely to continue purchasing to keep this pleasure afloat. This is more beneficial to those that fall under the top of the social hierarchy and less to those who fall under the lower part of the
Chapter 2 REVIEW OF RELATED LITERATURE Background theories In a global environment, a company must choose and own a core business strategy to excel - i.e. competency mapping. (Wasalwar, 2011) If companies have a list of clearly defined roles and competencies for all their job requirements, these can be used for promotions, placements and training needs analysis of key positions. (Uddin, 2012) In most hospitals, these key positions belong to the Medical Director, the Chief Nurse or Nurse Manager and the Hospital Administrator.
Additionally, by being empathetic and supportive to problems or requests, I am able to recommend an effective course of action, or assist in any way I can. My customer service is best demonstrated in my past role as a Personal Resource Manager for my cleaning business Blue Ribbon Resources, where my focus was to provide a quality service to my clients by providing customer care and addressing their needs and problems. 2. Ability to work independently, enthusiastically and with
The switching costs are high, so customers would somewhat drawback with fear from moving to a new firm leaving the reliable one. This is a heavily regulated industry. 4. Threat of substitutes Low threat of the substitutes as it is determined by the three factors in the industry which are brand loyalty of the customers, switching costs and the belief in effectiveness of new products/ services. Customers are brand loyal in this
Based on four attributes, first one is Factor endowments that focus on basic factors natural resources, climate, location, demographics second one is advanced factors such as communication infrastructure, sophisticated and skilled labour, research facilities, and technological know-how. Third one will be advanced factors are a product of investment by individuals, companies, and governments. Porter argues that advanced factors are the most significant for competitive advantage. Lastly demand conditions that look at customer need or the demand on which is being produced, companies will have to produce innovative, high quality products early, which lead to competitive advantage. Relating and supporting industries, if suppliers or related industries exist in the home countries that are themselves internationally competitive, this can result in competitive advantage in the new industry, firm strategy, structure, and rivalry.
What are the two types of core competencies that drive a firm’s competitive advantage? Which firms demonstrate a clear competitive advantage because of (a) major value-creating skills/core capabilities and/or (b) superior assets or resources? Which firms have demonstrated sustainable sources of competitive advantage? The two core competencies that drive a firm’s competitive advantage are cost leadership and differentiation.
Throughout this class, Building Blocks has been my go to text. I love the strategies and how the text is lined out. I recently went over “Designing and Implementing Instruction.” This section lined out how important it is to pick the right ELO to use. It lined out some key questions to ask when picking a strategy.
When analyzing the distinction of the quality and
ACHIEVING GLOBAL COMPETITIVE ADVANTAGE OF APPLE INC. Apple Inc. is an American conglomerate company located in one immeasurable loop, Cupertino, California in the middle of the Silicon Valley. (OPPapers, 2012). Apple is motivated on their designing, developing, innovating new products like the personal computers, other related software products, and the electronic products such as MP3 players and iPods. Apple Inc.’s main products are iMac, iPod, iPhone, iPads and its latest advanced product is iWatch, which is on the edge of creating another revolution after iPhone. Apple Inc. has transformed its image from an inventive computer manufacturer to a fully-fledged consumer 's electronic company.
This is the comparison of the benefits offered by a company's product to its customers relative to the price it asks customers to pay. To do this, companies can influence the value proposition in one of two ways mainly. This can be done through long term brand building. They can also offer a relatively low cost to enhance value. Ultimately, the key is that customers perceive that the product's merits exceedingly justify its price.
Efficiency is used in superstores form a day to day basis when paying because most stores have a self-checkout service which makes it faster and saves the store money. This will help the school because when the students are paying for their dinner there is a big queue by adding more places in the school were they can get their food from so there won’t big queues to get food and some not getting there food and staying hungry all day. Another way they could be more efficient could be to have better computers because by having out-dated computers they will not have some of the new updates on there and will make the computer slow to work with. But by having the new ones it will be faster and have a bigger hard drive Improved Management Information When organisations improve their management information system it has a big impact on the business. The impact on the business is a benefit because it allows organisations to have accurate information.
Customer loyalty is one of the most important and critical factors for a company's success. Customer loyalty happens when customers have a great experience, and it leads to many benefits: loyal customers return for future business, refer friends and family to a business, and spread positive comments about a company through word-of-mouth advertising. With social media and the ease of rating companies. There are several factors that can influence customer loyalty. First the place and product, which means how easy is it for customer to access the place, Second is promotion There are many ways to promote the business, from pricing specials to free gift with purchase.