Creating a Competitive Advantage

Abstract

Competitive advantage is the lifeblood of every company. Without a competitive advantage, it is next to impossible to attract and retain customers on a sustainable basis. Without a stable base of customers, the company cannot consistently earn profits. Without sufficient profits, the company cannot repair, or replace, assets as they wear out it cannot develop new products and service offerings; it cannot hire and train new employees as the businesses grow or as employees turn over; it cannot re-engineer processes, devise new work methods, or purchase new technology as market demands change. In other words, without a competitive advantage to differentiate it from its competitors, the company will eventually go out of business.