Competitive Advantage Strategies Essay Example | Topics and Well Written Essays - 250 words

Competitive Advantage Strategies - Essay Example It is apparent that most companies have realized that customer satisfaction is vital in attempts to achieve both the short term and long term goals. In addition, maintaining customer loyalty has proved equally significant. One common element that many companies or firms have always employed is price reduction in attempt to appease the customers. On the other hand, others inflate their prices with the aim of aligning themselves to a particular group of customers especially those who have a notion that expensive goods or services are of high quality. Thus some companies brand their product to be of high quality by pricing their products highly. It’s a psychological way of maximization of profit margin (Pearce & Robinson, 2011). The experience and skills of employees ranging from the top management level to those at the lowest position are imperative in the success of highly performing institutions. In addition, persistence, possessing an innovative staff and awareness of the need analysis of customers can skyrocket a firm to the stratosphere (Pearce & Robinson,