Which of the Given Strategies is Specifically a Competitive Advantage Sustainment Strategy?
In today’s competitive business environment, it’s not enough to simply gain a competitive advantage. You also need to be able to sustain it over time. There are a number of different strategies that can be used to sustain a competitive advantage, but not all of them are equally effective.
The Best Competitive Advantage Sustainment Strategy
The most effective competitive advantage sustainment strategy is one that creates a barrier to entry for competitors. This can be done through a variety of means, such as:
- Patents
- Trademarks
- Copyrights
- Trade secrets
- Network effects
- Economies of scale
By creating a barrier to entry, you make it more difficult for competitors to enter your market and compete with you. This gives you a sustainable competitive advantage.
Other Competitive Advantage Sustainment Strategies
In addition to creating a barrier to entry, there are a number of other strategies that you can use to sustain a competitive advantage. These include:
- Investing in research and development
- Developing new products and services
- Improving customer service
- Expanding into new markets
- Acquiring competitors
The best competitive advantage sustainment strategy for your business will depend on your specific industry and circumstances. However, the strategies listed above are a good starting point.
Conclusion
Sustaining a competitive advantage is essential for long-term business success. By implementing the right strategies, you can create a barrier to entry for competitors and keep your business ahead of the competition.
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