How to Compete Smartly Effectively in Todays Dynamic World
The world today is characterized by rapid and unpredictable changes. The changes are happening in various sectors namely economic, political, technological, and social. Due to these changes, competition is increasingly becoming stiffer for businesses around the world. To cope up with the competition businesses around the world are businesses are adopting various ways to compete smartly and effectively in today’s dynamic world. This essay is going to discuss how businesses can compete smartly and effectively in today’s dynamic world.
One of the ways a business can compete smartly and effectively in today’s world is by remaining adaptive and innovative. For example, Coach, handbag makers created new handbags for women to match different occasions. This strategy resulted in market growth for Coach. A business should make products according to current trends in market demand which ensures that they satisfy customer’s needs. This results in a customer becoming loyal to the product hence establishing a market niche. Another way to build loyalty among customers is by providing good customer service. Good customer service can be achieved by motivating your staff, well-trained customer service team, and staff that respects customers.
Setting competitive pricing is another way to compete smartly and effectively in today’s world. There are various ways to set prices to a product to attract customers. One of the ways includes competition-based pricing. Using this strategy, you set your product price in the range in which your competitors are pricing, ignoring customers’ demand and product cost. This is one of the SWOT (strengths, weaknesses, opportunities, and threats) approach strategy. In the SWOT approach strategy, you determine what your competitors are doing, planning to do, and take it into account. Discounting products is another smart and effective way to compete in today’s dynamic world. For example, the United States (U.S) automakers adopted this strategy in 2000