In today’s era, competition exists in almost every sphere of life. Excelling in this fierce competition is another task that needs to be accomplished. Businesses exist in a competitive environment. These compete in not just one-way but many. Competition can be direct as well as indirect. However, the direct competition poses a greater threat. Direct competition refers to the firms that produce the same or nearly similar products that you do.
Not to forget, even these same or similar products can be differentiated in some way or the other. Thus, the product differentiation can help you gain a competitive advantage over the others, which will help increase your market share tremendously. The key to running a successful and a profitable business in today’s ferocious competition is to be better than your competition in many a ways.
Today, it is easy to get the initial start in the market, but the main task is to survive the cutthroat competition and maintain a growing position in the market industry. The key is definitely to innovate in your business model. A competitive market pains all those who are deeply related to it and thus pushes the innovators to stretch beyond their limits to bring out something new each time to maintain their prospects and growth,
Fierce competition has brought about a lot many complexities in the markets. Right from changing customer requirements to reacting to market trends, competition is only entrapping a larger area and that too in almost all aspects. In order to grow in this fierce competitive market, businesses have to overcome the challenges attached to it. Competitive markets have put forth the situation of grow or die for the companies, making the situation even more intense and grave.
Even though competition is considered another milestone that needs to be reached, however it even has some positives attached. Therefore, the compensating and excelling factors that competition in business markets leads to are:
- Better quality of work
- Innovative and out of the box thinking
- Better economic development and growth
- Lower costs and prices for the services
- Variety amongst the choices
Thus, competition can be greatly helpful in improving the working of many organizations in the competitive markets.
In order to become a known figure and do better than the direct as well the indirect competitors the companies need to earn a competitive advantage over then. This process can involve a little effort, in the understanding of the intimidating process. To earn a competitive advantage a company should have an exclusive business strategy.
This process involves forming the business strategy that has better and deep understanding of the customers, competition and the markets. It should be research and innovation driven. It should have extensive clarity on partnerships and networks and it should ingrain all internal processes, systems and technologies.
Alignment of business strategy:
Once the framework of the business strategy is ready then come the implementation part. The business strategy so formed has to be carefully aligned through effective analysis to the people attached with the companies.
Framing a workforce development plan
Once the implementation of the business strategy starts, it is necessary to formulate the workforce development plan. This involves framing and stating of business goals, future prospects and products, services and future job requirements. This also involves the exclusive understanding of the current workforce profile. Stating of the gaps been expectation and reality and working towards bridging these gaps.
In a competitive market, you have to build a team based work system in order to survive the fierce competition that is posed from all ends.
Competition has grown tremendously in all fields and specially the business sectors where it has created a position to grow or to die. Thus, it is of utmost important to gain a competitive edge over the competitors in order to grow in today’s market.