Research and Improvement of Competitive Advantages of the Enterprise

Abstract

In the scientific literature, there is a variety of approaches to determining the essence of competitive advantages. It is well-known to define competitive advantages as characteristics, consumer properties of a product or brand that give an enterprise an advantage over its competitors. This advantage can be achieved by providing consumers with greater benefits, whether through the sale of more affordable products or the offer of high-quality goods with additional services, at comparatively higher prices. Ensuring competitive advantages is an important aspect of strategic enterprise management in a competitive environment. The variety of approaches to defining the essence of this category testifies to its multifaceted nature. The formation of competitive advantages at the enterprise can be achieved by rationalizing the cost of production, a high level of product differentiation, reasonable market segmentation, the introduction of innovations and a rapid response to market needs. Significant factors for ensuring competitive advantages at the enterprise are also an increased level of labor productivity and personnel qualifications, quality and technical level of manufactured products, managerial expertise and strategic thinking at all levels of management. Important factors influencing competitiveness are also warranty and post-warranty service, advertising, the manufacturer’s image and the market situation, including fluctuations in demand. The process of ensuring competitive advantage requires the enterprise to identify social interaction in the market environment, in particular, responding to criticism, the ability to learn, communicate and maintain connections with stakeholders. This creates the prerequisites for the effective development of the enterprise. In the process of ensuring competitive advantage, it is important to focus on innovations that allow you to gain a competitive advantage, such as new technologies, changes in customer demands, production costs and component availability.

Keywords

• competitive advantages
• competitiveness
• market environment
• product
• innovation