Competitive edge is defined as how effectively an organization meets the needs of customers relative to others that offer similar goods or services. There many companies in the United States that have this competitive edge in their industry. Their competitive edge causes growth in many key aspects within the business. These are return on investment, better service to their employees and customers, paying of debt, and increased market share. There are many ways a company can have a competitive edge. These are price, quality, flexibility, time, service, employees, and product or service differentiation. A few of these companies are Dell Computer Corporation, United Parcel Service (UPS), and Wal-Mart. These companies have strengths in one or more of the competitive advantages listed above.
The competitive advantages listed can be defined as the following. The most common way to have a competitive price is to make the cost low to customers. Most customers will look for the lowest price in the market. The main reason for customers wanting lowest price is to save money. By having a customer save money they are more likely to invest in the products or services offered by the company. Quality is defined as how well the product or service serves it purpose. Many customers will not continue to buy a product or service that breaks repeatedly, does not last longer or cannot perform the task that is needed to be done. A company's ability to recognize and adapt to changes in the economy, trends of the market or other market facts is related to how flexible the company is. If the demand of a specific type of product or services increase or decreased in a certain market and the company cannot meet the required about need by customers then another company in the industry it will lose its competitive edge. .
Time refers to many operations that go on within the business. These operations are defined as the ability for the organization to deliver its product or service to its customers, and the ability to produce, develop, and improve its products or services within their market.