Custom Paper: Importance of Competitive Advantage to Firms
Importance of Competitive Advantage to Firms
There are different ways through which firms create competitive advantage. Firms can do this at the most basic level by coming up with or discovering new and better ways to compete in an industry. This will enable firms to establish themselves in the markets. This, in itself, is a form of innovation for any firm or company.
Innovations have got the capability of introducing that shift competitive advantage among rival companies. When either of the rival companies is unable to come up with a new way of competing, the other company takes advantage of this and boosts its market position in the country. Firms which are keen to notice and respond to the innovations taking place in the market usually have an upper hand in competitive advantage (Porter, 1996).
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