Abstract
The article is devoted to the research of theoretical bases of formation of competitive entrepreneurship strategies. The current stage of development of the economy and society as a whole is based on constant changes, sharpening of global competition in all its manifestations, continuous process of technical and scientific innovations, limited resources and unlimited human needs, state policy in the field of entrepreneurship, financial market factors, etc. as a consequence for each business entity it is necessary to form and implement its strategy of competitive advantages. After all, the purpose of each enterprise is to receive a reward (profit) as a result of its activity. This issue is particularly relevant today. Therefore, we have analysed the interpretation of the concept of competition and competitive strategy by various economists. The interrelation and interdependence between such economic categories as competition and competitive advantage are justified. The basic approaches to the formation of a competitive advantage strategy have been systematized. The basic competitive strategies of M. Porter, F. Kotler, and A. Little are analysed. These strategies relate to different approaches to the development of a company related to the change of one or more elements: product, market, industry, technology. In order to develop and implement an effective competitive strategy, it is necessary to carry out a detailed analysis of opportunities, resources, market, competitors, to determine the right mechanism by which competitive advantage can generate profit in the long run. With global competition intensifying, competitive advantage is achieved through different methods based on different competitive strategies. What kind of strategy to choose and how to combine these strategies is decided by the enterprise itself, but any of these strategies is aimed at achieving a favorable and long-lasting position in the market, obtaining maximum and sustainable profit, resisting continuous competitive forces in the market.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
