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Competitiveness and Productivity
Competitiveness helps in productivity, there is no doubt competitiveness creates productivity and generates sales. It creates the firm ability to respond to the market with its reason of supply and demand. It is used basically in business as well as economics management. Competitiveness creates global benchmark and also supports in achieving the development of the economy. Competitiveness develops and builds new strategy to increase the growth, to increase the part of production and to increase the advantages of the product as well as services.
This defines the satisfaction, the needs and requirements of the customer to increase the productivity. Every business has competitors in the market to take steps or define the strategy for the business requires the true information and data about the existing competitors. All valuable information comes by the data collection from potential customers and local people who are using our competitor’s product and are our target customer. Their feedback and knowledge provides n number of the information about the competitors to creative design company.
It increases the awareness and also helps in growing the productivity. This results the competitive advantage. This helps in improvement in the country and it increases the level of great output which helps in managing of resources, which helps in managing the environment.
If we take an example of interior business, we look for various key factors:
Competitive rivalry within an industry: Competitive rivalry basically denotes the competitiveness of an industry which determines the competition of an industry, the competition strategy that has been applied to an industry which is powerful and with advertising expenses. Competition is measured on the basis of customer service, design quality, good word of mouth, reputation and goodwill of the business and in our interior design company business, top ten interior design companies that are very famous in Delhi follow the good marketing strategy. Creative design company have done a secondary source research where Creative design company measure the competition on the basis of customer satisfaction, design quality and needs of the customer. It is also measured on the basis of price, quality innovation and creativity. The new technologies and the new strategy which follow in the business are very much measurable in terms of profit and goals.
Bargaining power of customer: Bargaining power of customer is not so high as it is a premium side of the cup and it is not so competitive because if a customer have came for having a design he or she will definitely have a goods and not argue for prices with the manager of the interior design company because they came to a interior design company which is a first preference. If they will get a good output by getting full satisfaction they will not bargain with the people unnecessarily for the information provided to them.
Bargaining power of Supplier: Bargaining power of supplier is determined on the basis of input of market and suppliers available for that certain product which is available in the market which is very high because daily products get bargained from the supplier. If Creative design company buy one furniture of 20000Rs. then the supplier will not think even to bargain but if Creative design company purchase furniture’s and items daily from the same supplier in high quantity then surely the bargaining power will exist in the market and the preferences always matters lot.
The threat of the entry of new competitors: If the business is on high profit margins it will attract new industry and new firms. When the distribution strategy and expansion techniques will follow by Creative Design Company then the customer will look for the quality and performance and new competitors will benefit.
Threat of substitute product or services: Threat of substitute product or services is not so high in Interior Design Company because it is purely based on the taste and choice preferences. There are n numbers of substitute products available in the items of design part but the first preferences which are given to choice and quality. If both the things are available then there is no mean of getting into another interior design company.
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