to identify your competitive advantage?

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Identifying your competitive advantage is essential to standing out in an increasingly competitive market and will be very useful later on when setting prices.

If we rely on the teachings of M. Porter we can identify three types of competitive advantage :

Cost Leadership
It consists of offering products or services at lower prices than those of the competition. To achieve this, you must look for ways to reduce your production costs, optimize your buy norway number database processes and obtain efficiencies in the supply chain. This will allow you to offer attractive prices to customers and gain a competitive advantage based on cost.

Differentiation
It refers to highlighting your product or service in some special and unique way that makes it more attractive to customers. You can achieve this through innovative features, attractive design, superior quality, exceptional customer service, or any other factor that sets you apart from the competition. Differentiation will allow you to justify higher prices and create customer loyalty.

Approach
It involves focusing on a specific market segment and catering to their needs exclusively. You can target a particular demographic, a specific industry, or a limited geographic region. By focusing on a niche market, you can better understand your customers' needs and tailor your offering to meet them more precisely than your competition.