Competitive Advantage

Competitive advantage is gained when one company outperforms their competition by producing products, goods, or services more effectively or efficiently.
Competitive advantage should be a vital part of your strategy.
There are four parts to a strong competitive advantage- and they are:

  • Innovation
  • Efficiency
  • Quality
  • Responsiveness to Customers

Heres how you can develop an advantage against your competition.

Be efficient; an efficient record label does not have to outsource. Print your own shirts, record, mix, and master your own music, produce your own artwork. An efficient record label hires employees that possess a diversified skillset. Don’t hire more workers than needed. Cross-train employees and let them manage themselves to meet company objectives.

If a record label’s competitive advantage is its efficiency, it can respond to the audience with a new artist or album, along with merchandise to back it up. Or, if a new genre of music is sweeping the nation, the efficient record label produces a similar product for their fans weeks or months before the competition, gaining reputation as trendsetters who are on the cutting edge of music production.

About Ty Heilman

Tyler “Ty” Heilman is a no-nonsense business major and website optimizer from the Mid-West. Heilman is regarded as a polite and courteous leader who embraces hard work and business innovation.

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