Benefits and importance of establishing and maintaining a competitive advantage

Establishing a competitive advantage is especially important as a company that can attract customers will be more successful. Maintaining a competitive advantage means that a business will have loyal customers who will continue to purchase their goods and services. That should result in a higher market share and, ultimately, higher profits. It also enables a business to thrive when the business environment becomes more challenging.

Situational Analysis

There are several ways in which the internal and external situation of a business can be analysed. The best-known methodologies are: