reply 8.1 (need in 8 hours)

This course has been pretty tough for me to keep up with, but it has been a great learning experience overall. Just like this course for me, creating a competitive advantage does not come easy. You have to be better than what’s expected, you have to have something that others don’t have, and you need to keep working on issues that may come up throughout the whole process. You can plan, create a perfect structure, and hire the best employees, but there will be issues that need to be taken on by the nose. If you can’t adapt to issues, do research on your competitors, and create a need in your industry, what are you trying to accomplish? Do you want to be the same as the next burger joint, or do you want to create an experience that also has the best burgers that anyone has ever had? This class has overall taught me how important structuring can be and how much planning needs to go into the overall companies’ success. We need to have set times where we reflect on what’s going on, and then we need to restructure and drive on. “A competitive advantage is an attribute that allows a company to outperform its competitors. Competitive advantages allow a company to achieve superior marginscompared to its competition and generates value for the company and its shareholders. A competitive advantage must be difficult, if not impossible, to duplicate. If it is easily copied or imitated, it is not considered a competitive advantage” (CFI, 2019).

Reference:

CFI. What is a Competitive Advantage? Retrieved from https://corporatefinanceinstitute.com/resources/knowledge/strategy/competitive-advantage/