You Must Determine Competitive Advantage in Three Key Areas:
Strong Market Position
If you don’t have it, you may not be able to compete effectively!
Have you determined your competitive advantage?
Coming off the Gaps we need to close the negative loop with some positive outcomes. If Gaps identify shortcomings of past behaviour, then the strategic opportunities should focus on the big ideas of the future.
Strategic Opportunities are competitive levers that focus on competitive advantage and the sources of competitive differentiation.
There are many ways to achieve competitive advantage but only three basic types of it: differentiation advantage, customer value and operational excellence. A company that is able to achieve superiority in any of these is able to offer customers the products at lower costs or with higher degree of differentiation and most importantly, is able to compete with its rivals.
In this section, you will learn how to determine competitive advantages with the creation of proper Strategic Opportunities statements.