Competitiveness of the Enterprise: Theoretical Aspects of Formation and Practical Tools of Implementation
Year: 2024
Type: article
Abstract: The article examines the theoretical foundations of building competitive advantages for enterprises, with a particular focus on modern concepts and practical approaches to their implementation. Competitive advantages are essential for ensuring the sustainability of companies, especially in the context of global competition, rapid technological developments, and constant changes in the external environment. A key factor in achieving these advantages is the ability to create unique resources and competencies that enable an enterprise to achieve sustained differentiation from competitors. Both tangible and intangible assets play a crucial role in this process. Among the most significant intangible resources are brand equity, corporate reputation, innovation potential, intellectual property, and know-how, all of which contribute to a unique market position. The article explores various strategic approaches for enhancing customer loyalty, increasing their commitment, and creating added value through improved product offerings. Theoretical models of competitive strategies—such as differentiation, cost leadership, and focus on specific market segments—are analyzed in terms of their practical application. In addition, the concept of dynamic capabilities is discussed, highlighting an enterprise's ability to rapidly adapt to external changes, enhance operational flexibility, and refresh its resource base to remain competitive. Innovation, digital technologies, automation, and robotics are also identified as critical elements for sustaining long-term competitive advantages and driving productivity growth. Furthermore, the role of human capital is emphasized, particularly the importance of skilled labor, ongoing professional development, and effective employee motivation programs. To maintain leadership positions in a rapidly evolving market, enterprises must invest consistently in innovation, enhance their dynamic capabilities, and respond flexibly to emerging challenges while optimizing resource use and internal management processes. This comprehensive approach enables firms to maintain and strengthen their competitive edge over time.
Authors: Valerii Vozdvyzhenskyi, Mariia Titova
Institution: Dnipro State Agrarian and Economic University
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4405874756