Replies to Key factors

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1. Future competitive success is normally broken up into 5 categories which are: technology, skills, distribution and logistical efficiency, customer service, innovation, and cost efficiency (Peteraf, Gamble, Strikeland, 2020)

Ensuring that our company highly trained and skilled employees who know not only how to use current technology with efficiency but are being taught, or seeking, out new technological advances that will help your company remain competitive is important. Having an above average distribution and logistical team creates satisfied customers as they are able to get products quickly and not damaged; this will provide you with a competitive edge and provide you a good reputation that allows your company to remain competitive. The most valuable part of your business is your customer, so making sure that the customer is taken care of and satisfied creates rapport and repeat customers as well as, free advertisement…word of mouth. In order for any company to remain competitive in the market they must continue to grow and improve their existing product by developing innovative and cutting edge products a company continues to grow in their customer base and show why they should be a customer’s number one choice. However, research and development can be very costly so this is why it is important to make decisions rationally and cost effective as too much spending on cost to development new products can financially ruin a business.

2. To discuss key factors for future competitive success, we need to consider several important elements. These include product quality, customer service, innovation, brand reputation, cost efficiency, and marketing. High-quality products often win customer trust, and excellent service makes customers loyal. Innovation, which involves introducing new ideas and products, attracts more customers (Thompson et al., 2023). A strong brand reputation is also crucial as it makes a brand trusted and preferred by buyers. Managing costs efficiently allows companies to offer lower prices or achieve higher profits, and effective marketing helps people become aware of and choose the product (Rounaghi et al., 2021).

When choosing between competing brands, buyers consider several factors. Price is often a primary consideration; they look for products that are affordable. Quality is another key factor; buyers seek products that are reliable and well-made. Features are important too; the product must meet their specific needs. Brand reputation plays a significant role, as buyers are more likely to choose a brand known for good products (Thompson et al., 2023). Customer reviews also influence their decision, as they rely on the experiences of other buyers.

Products should last long, be easy to use, look good, and work well with useful features. To be competitively successful, companies need several key resources and capabilities. They require a skilled workforce to drive innovation and maintain quality. A strong supply chain ensures steady production, while adequate financial resources support operations and growth (Rounaghi et al., 2021). Modern technology increases productivity and the caliber of the output, and wise decision-making and team inspiration depend on competent leadership (Thompson et al., 2023).

Certain flaws might seriously harm a business in the marketplace. Customers are turned off by subpar goods, and those who can afford them choose for less expensive alternatives. A firm may find it difficult to draw in clients if its branding is weak, and it may lag behind competitors if its innovation is lacking (Thompson et al., 2023). Customers are also driven to rivals by poor customer service. Businesses should try to prioritize quality, innovation, strong branding, and first-rate customer service if they want to remain competitive.