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Gain Competitive Advantage With Low Cost Leadership Strategy

How To Gain Competitive Advantage

Your small business needs to have a competitive advantage and that advantage can come from cost leadership, quality, innovation or customer service.  I mentor business owners to focus on cost leadership because it is the most important thing to your customer and is hardest for your competitors to compete with. Being the cost leader in your industry means you are able to offer your goods and services at the lowest cost in your niche.  You are the business that will set the prices which will be lower than your competitors and your business will also provide the same level of services are your competitors.

When you have a cost advantage for your small business you can then bring your customers products and services at a great price and provide them with great value. When you can provide services and products at the lowest costs with the biggest value you will have a profitable business.  Cost leadership will give you strength in the market and the competition won’t be able to compete with you. I really want you to become the cost leader in your market sector so you will have a choice of strategies to use and you can set your prices lower than your competitors and still maintain profits while increasing your market share.

Want more help?  Schedule 10 minutes with my crew here.

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2 Comments

  • sara
    Reply

    thank you very much for this information
    plz what the relation between competitive advantages and TQM?
    https://www.ju.edu.jo

    • Chief Heartrepreneur®
      Reply

      Thanks for your great question, Sara.
      The Total Quality Management (TQM) philosophy of doing business emphasizes lowering costs by reducing waste, helping suppliers provide quality products and satisfying the customer with quality goods and services.

      Companies that can produce goods at lower costs than their competitors, while delivering quality products that satisfy their customers will have an advantage over those companies that do not duplicate those feats.

      Implementing TQM can help a company gain a competitive advantage in their business.

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