All businesses aim to gain a competitive advantage in order to distinguish themselves from other businesses. This competitive advantage is achieved by segmenting the market in order to most effectively meet the similar needs of customers in that segment. Therefore, the company will stand out from the competition that does not have a similarly targeted offer. When the company has to face the competition of the big companies then the competitive advantage is a question of survival. Competitive advantage can be present in different forms. Among the most common are the following competitive advantages:
- The holding of a patent;
- Lower manufacturing cost;
- Product design;
- Investment in research and development;
- More efficient supply logistics;
- Superior quality of service;
- Ability to attract and retain talent;
- Innovation by improving an existing product or service;
- Segmentation of an untapped market;
- Positioning and differentiation from existing brands;
- Improved distribution;
- Improved communication.