Introduction
Every organization strategically explores its potentials to attain a better market divide. Additionally, they strive to attain advantages over their rivals such that their products stay buoyant in both local and global market. Healthcare industry is no exception in this realm since it has to provide superior medical commodities with the intent of attaining significant growth. It is important to argue that businesses are not safe from competition in any market setting; nonetheless, the initiation of good and well-strategized competitive advantages allows them to overcome rivalry and stay afloat in the business arena. This paper discerns two forms of advantages incorporating competitive assets and liabilities in a given healthcare facility.
Competitive asset
Competitive assets are components of business competencies that an organization utilizes. Contextually, the reference healthcare business considers these assets to succeed in the market. It incorporates potential, performance, power, and pace. Each module contributes greatly to the growth of any business. Potential is the capacity to access superior capabilities and resources. The health care organization exhibits this component explicitly. The organization owns the assets required in ensuring proficient production and customer service. Concurrently, it has a competent workforce innovative enough to serve the dynamic global market demands. The current global market poses great demands for newly structured healthcare products. Resources are varied but major ones include enough capital, facilities, and constructive human resource. Additionally, performances entail perfect operations as well as prompt ratification of company plans. This organization emphasizes greatly on performance as one of its core competitive advantages. Its operations are of distinct measure contrasted to those of other contenders. The company ensures that all its operations in terms of customer service are of quality and time conscious. Customers are served with healthcare commodities as at their demand.
Power is another CA enjoyed by this company. It aids transformation strategies of a given firm. Every organization necessitates the will to commence and sustains its strategies, which drives the company towards definite goals. Power involves accumulation and effective use of company mass. It incorporates three categories, which entails the power to start, continue, and finally the power to finish any given strategy. This organization has several business approaches, which targets efficacy in consumer services. It thus sources power to make it successful. Finally, another competitive asset enjoyed by the organization is pace. This entails the timing, aggressiveness, and success with which the organization strategies are accomplished. Health care firms have to embrace “pace” virtues to meet the customer demands promptly. The pace through which results are achieved determines the success of an organization over its competitors.
Competitive liabilities
These are the competitive advantages embraced by an organization although they pose some threatening disadvantages. The organization ratifies them despite the danger they might elicit. They are similarly useful in competing favorably with other rivals regardless of their flaws. This organization ratifies competitive liabilities. Precisely, it includes “positioning” as a CA. Position ensures desirable and idiosyncratic entity image in the market. Clients are thus possessing positive perception towards the company products ranging from quality to prices. This organization achieves this facet through, low pricing of its products, product differentiation, and product focus. Selling products at low prices is good in attracting customers but poses numerous threats. This incorporates undue perception that the product quality is low and diminished profits. This means the company’s growth is vulnerable to compromise. Equally, clients might pose undesirable perceptions on company products. Thus, low cost is a competitive advantage but is also a great liability that threatens market survival. Conversely, high “differentiation” confuses clients on which commodity is effective compared to others although it grants a wide range of product in the market. Secondly, clients might only maintain a particular product rendering others unsold.
Conclusion
In conclusion, competitive advantages (CA) are important aspects of business. They help in curbing rigid competition witnessed in the current global market. It allows a firm to have a better market share, upon comparison to the entrants. Importantly, healthcare entities are no omission in this division. CAs varies categorically with others existing as assets while others are liabilities. Despite the category, they all favor organizations to compete upper handedly.