Strategy: out compete the competition
How to outcompete the competition
Dyson: Model of Creating Market Leadership
Features of Strategic Competitive Advantage
- Charge a premium for its services; even low cost suppliers out price other low cost suppliers.
- Lead the market by innovation; will get to market new ideas quicker or in a more dominant market shift way.
- Controls the key channels to market; from buying decision processes to pricing structures.
- Owns the pace of change within the market; from technology development and consumer shift
- Control of buyer activity; the significant majority of the share of buy (SOB) and share of space (SOS) through its dominance.
To achieve sustainable competitive advantage is extremely difficult, most companies manage to reach a challenger market position. For that to happen their has to be a clear vision of where the company is going and where the market opportunity exists. For men like James Dyson the advantage was that he was in the right place at the right time, with the right product that enabled a technological shift in the market with his bag less vacuum.