Building Blocks of Competitive Advantage
1.
The building blocks of competitive advantage include quality, customer responsiveness, innovation, and efficiency.
Quality from a restaurant standpoint is getting what you pay for. To purchase an item such as wine from a restaurant that costs ninety-seven dollars per glass would have to be of good quality, as opposed to purchasing Boons Farm, and this costing you the same price. Quality is important in that if your company doesn’t posses good quality yet charges its customers for this inexistent quality, you are soon to loose customers.
Customer responsiveness is getting feed back from your customers to keep them happy, without happy customers you will in turn loose customers. If I was an owner of a hotel one way I would try to receive customer responsiveness is on the customers bill put a link to a website. On this website I would have a survey asking about the customers’ stay with an incentive that after completing the survey they would get a discount on their next stay. In filling out this survey I would get positive feedback on what things I need to do differently.
Innovation is another building block of competitive advantage. Innovation is introducing something new to draw in customers. An innovation strategy used by Dairy Queen is their monthly blizzards. Dairy Queen innovates a new blizzard each month, after the month is over these blizzards disappear, or if well liked become part of the menu. With this innovation strategy the company is getting feed back from the customers on what they enjoy or dislike. Without innovation customers could get tired of what you are continually serving and decide to go to a competitor.
Lastly there is efficiency. Efficiency is completing a task in an adequate time frame. If a guest at your hotel calls the from desk complaining that the only light in their bathroom just went out, maintenance needs to fix the problem promptly. If maintenance doesn’t fix this problem in an adequate time frame you not only have an
The building blocks of competitive advantage include quality, customer responsiveness, innovation, and efficiency.
Quality from a restaurant standpoint is getting what you pay for. To purchase an item such as wine from a restaurant that costs ninety-seven dollars per glass would have to be of good quality, as opposed to purchasing Boons Farm, and this costing you the same price. Quality is important in that if your company doesn’t posses good quality yet charges its customers for this inexistent quality, you are soon to loose customers.
Customer responsiveness is getting feed back from your customers to keep them happy, without happy customers you will in turn loose customers. If I was an owner of a hotel one way I would try to receive customer responsiveness is on the customers bill put a link to a website. On this website I would have a survey asking about the customers’ stay with an incentive that after completing the survey they would get a discount on their next stay. In filling out this survey I would get positive feedback on what things I need to do differently.
Innovation is another building block of competitive advantage. Innovation is introducing something new to draw in customers. An innovation strategy used by Dairy Queen is their monthly blizzards. Dairy Queen innovates a new blizzard each month, after the month is over these blizzards disappear, or if well liked become part of the menu. With this innovation strategy the company is getting feed back from the customers on what they enjoy or dislike. Without innovation customers could get tired of what you are continually serving and decide to go to a competitor.
Lastly there is efficiency. Efficiency is completing a task in an adequate time frame. If a guest at your hotel calls the from desk complaining that the only light in their bathroom just went out, maintenance needs to fix the problem promptly. If maintenance doesn’t fix this problem in an adequate time frame you not only have an