SUSTAINING A COMPETITIVE ADVANTAGE
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Today’s business world is characterized by stiff competition and the inevitable dynamic changes in technology, organizations and institutions are continuously striving to sustain themselves in the market. In such situations and circumstances, there arises the need to craft better methods of sustenance. In the modern economy, adopting new competitive methods has been an increasingly popular because organizations cannot always cope with increasingly complex environment such as globalization from internal resources and competence alone. There is need to obtain raw materials, resources and competencies or access markets. In the long run, there is the need of economic integration aimed at exploiting resources and new opportunities. In many occasions, synergies will survive in the market due to the fact that there is control of prices, cost, wider markets, potential development of substitute and compliment products as well as prevention of entry in the market by other smaller firms, creating a monopolistic market structure. There is also creation of a superior value to customers in terms of quality and unique benefits in products leading to retention of customers. This research paper examines how sustaining a competitive advantage can be effected and the possible impacts it will have in a country’s’ economy, especially in the third world countries which mostly have small and middle sized industries. It is a recommendable approach to assist the economy of a country to uncover business merging more explicitly.
- School of Business