Identify strategies to best protect against getting beaten to market by a competitor

Competition is always there in the market. In order to beat the competition following strategies could be taken.

Strategies:

#1) Strategy of minimizing cost: a business should minimize its cost in order get cost advantage. Few examples are: try to purchase raw materials at discounts, reduction of idle time in process, and decrease in welfare and entertainment cost. If the business has cost advantage compared to competitors, it earns better profit margin and beats competitors.

#2) Strategy of lowering price: customers attracts with lower price. If the price is such low that competitors cannot offer, market share of the business would be high and in this way it can beat competitors.

#3) Strategy of after-sale service: this is the form of developing goodwill in the market. This may include extending warranty, creating more grievance counter, and quick replacement of defective goods. If this strategy is implemented very strictly, competitors may be far behind.

If these are implemented, the business would be well protected from competition.