A little competition can be a healthy thing. It can also be expensive and disastrous if you don't measure up to others in your particular business or industry. How you handle your competition can be a direct link to your company's success or failure. You can, however, significantly increase your chances of standing out by creating a competitive advantage. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Having a competitive advantage means having an edge over your competition. This does not require luck for the Irish, but rather sound strategic planning. Before you can precisely identify your competition, it is essential to define and analyze your target market. What do you sell and to whom? Next, make a list of those companies trying to do the same. What are their strengths and weaknesses? Their strategies and goals? How do they attract customers? What, if any, sets them apart from the crowd? If you don't have this vital information, get it quickly. You shouldn't live in awe of your competition, nor should you fear them, but you need to find out who they are and what makes them attractive to current and potential customers. Evaluating your competitors openly and honestly will play a key role in helping you develop a competitive advantage. Remember, winning companies don't succeed by accident, even though it may often seem that way. A closer look usually reveals that most have evaluated their target markets and focused on a unique approach to meeting their customers' needs, values ​​and expectations. Through important considerations such as location, product, services and product features, they have somehow found a new twist, a new way of offering purchasing incentives that similar companies can't or don't offer. Please note: This is just an example Get a custom paper from our expert writers now. Get a Custom Essay Once you develop a competitive advantage, maintaining it will be a daily challenge. It will require you to look into your crystal ball and try to predict where the trends and changes in your industry will come from and what your company can do to stay ahead of the curve. It will require you to continually monitor your competitors and their future plans. You will also need to recognize that over time your customers' needs may change due to a variety of circumstances. Your company must be flexible and willing to change. Works Cited Barney, J. B., & Clark, D. N. (2007). Resource-based theory: Creating and maintaining competitive advantage. Oxford University Press. Grant, R. M. (2019). Contemporary strategy analysis: Text and cases (10th ed.). Wiley.Kotler, P., & Keller, K.L. (2016). Marketing Management (15th ed.). Pearson.McKinsey & Company. (2013). Strategy in the era of superabundant capital. Retrieved from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/strategy-in-the-age-of-superabundant-capitalPorter, M.E. (1998). Competitive Advantage: Create and sustain superior performance. Free printing. Prahalad, C. K., & Hamel, G. (1990). The core competence of the company. Harvard Business Review, 68(3), 79-91. Ries, A., & Trout, J. (2001). Positioning: The Battle for Your Mind. McGraw-Hill Education.Rumelt, R.P. (2011). Good strategy/bad strategy: the difference and why it matters. Crown Business. Teece, D. J. (2018). Profiting from innovation in the digital economy: enabling technologies, standards and licensing models in the wireless world. Research Policy, 47(8), 1367-1387. Treacy, M., & Wiersema, F. (1995). The discipline of leaders of.