HOW COMPETITIVENESS IMPACTS YOUR BUSINESS

Cristina Redondo
Jul 22, 2017 · 2 min read

Competitiveness is the ability of a company to obtain profitability over competitors.
If a business wants to be competitive, it must have at least one distinct advantage with the rest of your competition, called competitive advantage. Or competitive differential advantage is that advantage which we differentiate ourselves from our competition, and make us be a source of choice for our customers.
Thus, if a business is able to identify and to value their differential advantage, the business will have an advantage over its competitors and the company will be recognized as competitive in their market.
The most common tools for competitiveness are quality, innovation, marketing techniques and, as I said, our differential advantage, they all understood and applied as strategic elements of the business.
Incorrectly, there is a belief that a company is more competitive by offering a product of lower economic value. The reality is that the more value is a customer willing to pay for a service / product, more competitive this is for the company, and at the same time, the more competitive value acquired this in their market performance.
Also and above all with the technology boom of recent years, the degree of competitiveness is also affected by factors such as the degree of technological modernization of the company. Currently, the chance of assuming the use of new technologies based on human resources and capital available is an essential factor of competitiveness.
Another factor affecting competitiveness is the degree of efficiency of the management team, the quality of company management and know how to select and work with the appropriate human resources team are so influential factors such as capital investment. Thus, factors such as training, motivation, remuneration and incentives applied to staff to obtain a productive outcome and generate a real benefit for the company are analyzed. In fact, attract investment and talent steadily over time produce prosperity, and that attraction is only feasible through the competitiveness of the above factors.
We also measure the competitiveness of a company that has the ability to adapt to changes in their environment. We also value in it said measuring the impact, positive or negative, that economic, political, cultural and social situation of the country has on company performance.
It is therefore that companies remain competitive positions in active, devoted great attention to the future, while being alert to changes in their environment. And in fact, it has been found as the loss of competitiveness means long term for the company a threat.

Cristina Redondo

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Specialist in Business Strategy,Digital Marketing&Communication.Contributor in Business reviews. Studying Psychology.Neuroscience lover. WWW.REDONDOCRISTINA.COM