Response to peer 2
In the book, we learned that a corporate-level strategy, specifies actions a firm takes to gain a competitive advantage by selecting and managing a group of different businesses competing in different product markets (Hitt et al, 2020).
In my opinion, there are four main strategies that I believe can be the most effective for achieving a sustainable competitive advantage globally
For a company, it is essential to have a strong focus on the customer’s needs. When a brand focuses on the customer experience, customers become more engaged and build loyalty toward the brand (Wooden, 2023)..
Companies can also differentiate themselves from their competitors by constantly creating, innovating, and updating their products and services.
- New and continuous growth in advanced technologies can also attract new customers or retain them.
- For a well-established company, entering new markets, growing and expanding globally can bring great benefits such as brand recognition and economic growth.
- An example of a company that has achieved a sustainable competitive advantage is Amazon. Amazon strongly focuses on the user experience and uses a customer-centric approach that differentiates it from its competitors. It also provides an easy and personalized online shopping experience, fast shipping times, and great deals for its users.
- To stay up-to-date with the latest trends and developments in a global industry/market it is important to invest in research and development and regularly conduct market research to identify the latest trends in the industry. According to the Expert panel of Forbes Magazine (2022), a few strategies that can be used are understanding where customers are and what they need, following up with customers, monitoring industry trends, networking, leveraging social media, taking a multichannel approach and attending industry events are great ways to stay up to date with the latest trends. If companies use these strategies and they adapt to market changes and continue to learn about the market and current and future trends, the company will stay ahead of the competition. Amazon is a great example since it went from an online bookstore to one of the biggest and most popular e-commerce websites today.
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