A little competition can be a healthy thing. It can also be both costly and disastrous if you're not keeping up with others in your company or industry. How you handle competition can be a direct link to the success or failure of your business. However, you can significantly increase your chances of coming out on top by creating a competitive advantage. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original Essay Having a competitive advantage means having an advantage over your competitors. This does not require luck of the Irish, but rather solid strategic planning. Before you can accurately identify your competitors, it is crucial to first define and analyze your target market. What do you sell and to whom? Then, make a list of companies that are trying to do the same. What are their strengths and weaknesses? Their strategies and objectives? How do they attract customers? What, if anything, sets them apart from the pack? If you don't have this vital information, get it quickly. You shouldn't live in fear of your competitors, nor fear them, but you should find out who they are and what makes them attractive to current and potential customers. Evaluating your competitors openly and honestly will play a key role in helping you develop a competitive advantage. Remember that successful businesses don't succeed by accident, even though it can often seem that way. A closer look generally reveals that most have evaluated their target markets and focused on a unique approach to meeting their customers' needs, values ​​and expectations. Through important considerations such as location, product, services and product features, they have somehow found a new approach, a new way to offer purchasing incentives that similar companies cannot not or do not offer. Keep in mind: this is just a sample. .Get a custom paper now from our expert writers.Get a custom essayOnce you have developed a competitive advantage, maintaining it will be a daily challenge. This will force you to look into your crystal ball and try to predict where trends and changes in your industry will come from, and what your business can do to stay ahead of the curve. This will require you to constantly monitor your competitors and their future plans. You will also need to recognize that over time, your customers' needs may change due to various circumstances. Your business must also be flexible and willing to change. Works Cited Barney, JB and Clark, DN (2007). Resource-based theory: creating and maintaining competitive advantage. Oxford University Press. Grant, R. M. (2019). Contemporary Strategy Analysis: Text and Cases (10th ed.). Wiley. Kotler, P. and Keller, K.L. (2016). Marketing Management (15th ed.). Pearson. McKinsey & Company. (2013). Strategy in the era of excess capital. Retrieved from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/strategy-in-the-age-of-superabundant-capitalPorter, M.E. (1998). Competitive advantage: Create and sustain superior performance. Free Press. Prahalad, C.K. and Hamel, G. (1990). The company's core competence. Harvard Business Review, 68(3), 79-91. Ries, A. and Trout, J. (2001). Positioning: The battle for your mind. McGraw-Hill Education. Rumelt, R.P. (2011). Good strategy/bad strategy: the difference and why it matters. Crown Business. Teece, D.J. (2018). Enjoy.