Download A competitive strategy concerns the specifics of management

A competitive strategy concerns the specifics of management’s game plan for competing
successfully and securing a competitive advantage over rivals in the marketplace. A company’s
competitive strategy should be well matched to its internal situation and predicated on leveraging
its collection of competitively valuable resources and competencies. Businesses pass the
competitive advantage threshold by attracting and retaining great people and then nurturing a
unique culture – one that demonstrates passion, executes with consistency, breeds confidence
and rewards performance.
A company may use benchmark against competitors to promote their competitive
strategy.
Advantages of benchmarking
The main advantages of benchmarking are as follows:

Train employees: The main advantage of benchmarking is that it helps in improving the
understanding of employees in relation to the cost structures and internal processes. In
other words, it can be stated that it helps in training the employees.

Team development: The other advantage of benchmarking is that it helps in building the
best team and encouraging them in order to cooperate in the interests of becoming more
competitive.