Advantages Of Diversity
Diversity as a Competitive Advantage
Introduction
Diversity has long been thought as a major for driver for competitive advantage. However the problem lies with the fact that the modern day companies actually try to compete by specializing into something. This allows them to get the best out of their abilities from the particular business, rooting out the other competitors.
Essentially, the businesses are attempting to make sure that they are best at what they do. Theoretically, this is the right attitude for any business in order to be able to compete. Such matters may include higher quality or less priced goods produced by a firm than its competitors. Both of these are usually considered a huge advantage and with it, the firms can win over
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This notion has been made easier with the newest developments across the copyright laws. The unique products are supposed to attract the customers because of not only the lower price offer, but also their unique capabilities. Once again, it is important to fully understand the potential sources of differentiation, enclosed in one form or another. A lot of the activities are often tried and a lot of money is spent on the research and development in order to seek and realize the potential …show more content…
There are three approaches to creating consumer value.
The development of such characteristics and features of the goods in order to reduce the total cost of the buyer for the use of the company's products is a well-known strategy. The companies do not necessarily have to reduce the price in order to make attract the buyer's use of the goods from traditional market share as well as the one of the competitor’s. The alternative is to give the product or the service such features that would enable the purchaser to:
• Reduce unnecessary waste emitted by the buyer and materials. An example of the differentiated features can be any returnable component (dishes, waste paper, etc.).
• Reduce the cost of the buyer for labor. This can be exhibited through less time learning the activities, low skill requirements and low skill in general. A great way to make sure of all of this would be to outsource the jobs to countries with less labor laws as well as mechanize the manufacturing
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