Competitive advantage is a superior move gained by an organization by offering same values and products at a lower price or providing more benefits with higher prices over its competitors.
Before creating competitive advantage, assessing the competitor’s strength, weakness and objectives is very important to identify what they can do?
Competitive advantages are characterized by the variety of factors such as low-cost products, unique advertising to attract more customers, quality of products, distribution network, and customer support.
It provides strength to the organization over its competitors to generate greater value for its products and services to target customers than others competitors do.
Creating customer satisfaction and values involves more than just crafting competitive marketing strategy and handing it down from the top.
Creating competitive advantage will create the unique identity of brands which in return generates good profits for an organization.
But every competitive advantage has limited lifespan where there is cut-throat competition. So, an organization should evaluate their competitive advantage to retain themselves in the competition.
Patanjali Ayurveda limited the fast emerging FMCG industry has superior competitive advantage of manufacturing FMCG products at low cost by creating a brand extension to give tough competition to their competitors.
Hence, creating competitive advantage helps to strengthen the organization’s market position as well as increase loyalty of customers to beat their competitors.