Steps to Avoid Failure and sustaining competitive advantage:
a) Focus on the Building Blocks of competitive advantage:
Maintaining a competitive advantage requires a company to continue focusing on all four generic building blocks of competitive advantage – efficiency, quality, innovation, and responsiveness to customers and to develop distinctive competencies that contribute to superior performance in these areas.
b) Institute continuous Improvement & Learning:
In such a dynamic and fast – paced environment, the only way that a company can maintain a competitive advantage overtime is to continually improve its efficiently, quality innovation and responsiveness to customer. The way to do this is recognize the importance of learning within the organization.
c) Track Best Industrial Practice and use Benchmarking:
Benchmarking is the process of measuring the company against the products, practices and services of some of its most efficient global competitors.
d) Overcome Inertia:
Overcoming the internal forces that are a barrier to change within an organization is one of the key requirements for maintaining a competitive advantage.
Once this step has been taken, implementing change requires good leadership, the judicious use of power and appropriate changes in organizational structure & control systems.
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