DOI: https://doi.org/10.35433/ISSN2410-3748-2020-1(26)-7

PROVIDING COMPETITIVE ADVANTAGES AND BUSINESS BENEFITS

Liudmyla Pavlovska

Abstract


In the face of increased competition, one of the main means of promoting your business, strengthening competitive positions in the market is to demonstrate to consumers the advantages of the company, product or service and the benefits that they will receive as a result. It has been established that preferences are formed based on the characteristics of a product, service or company as a whole. The author believes that the benefits are derived from the benefits provided by the characteristic, they help the client solve their problem, make life easier, save time, money or whatever is relevant to the buyer at the moment. The mechanism of generating business benefits is defined, which includes researching the demand of the target customer, the formation of competitive advantages, highlighting the benefits on their basis and demonstrating them to your customer.

It has been established that competitive advantages can be provided with the help of price, delivery time, experience, terms of cooperation, narrow specialization, business features, achievements, added value, responsibility for the goods (service), guarantees, demonstrations of offers, real customer reviews. Not all companies, especially young ones that are just entering the market, can compete with their competitors. To stay afloat, they have to inflate prices, extend the delivery time. In such cases, special techniques are used that help to make advantages with the disadvantages. These are facts that counterbalance weaknesses. So, newly created companies usually have a small set of goods and services. In contrast to this argument, one can offer a statement about narrow specialization on a particular brand and the possibility of providing detailed advice on the specifics of the product. That is, the disadvantages that can lead the company to failure can become powerful competitive advantages that even firms already established in the market cannot provide.

Demonstration of competitive advantages is a fairly simple option to promote and position your name, does not require financial investments, but it is an effective tool for conducting competition.


Keywords


competitive advantage, business, benefit, consumer, product, competitors, competition, service

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References


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