Farm Credit Canada’s Craig Klemmer highlights key opportunities for agriculture during COVID-19. To better understand how your business can gain competitive advantage, it is important to understand the strategies that other businesses have employed to achieve this. The webinar focused on exploring deliberate ways that Canadian companies can boost their global competitive advantage. The two types of competitive advantage are: cost advantage or differentiation advantage. There are more opportunities than ever before for businesses to internationalize and increase their market share on a global scale. Geographical barriers to international trade have been weakened thanks to the development of new technologies that have improved our ability to communicate, share information, and transport goods faster and more efficiently. To gain lasting global competitive advantage a company has to leverage its capabilities around the world so that the company as a whole is greater than sum of its parts. Though competitive advantage is a basic economic concept, it is also one of the most important. Creating a culture of innovation is important for gaining any kind of competitive advantage, particularly when utilizing a differentiation strategy. Research shows companies that are globally successful share four characteristics. International trade is a team sport. Start at home. In fact, poor skills alignment can result in substantial costs to an organization – according to Think Research CTO Saurabh Mukhi, such costs could be 15 times higher than an employee’s salary. In global competition, the pressures of demanding local buyers, capable suppliers, and aggressive domestic rivalry are even more valuable and necessary for long-term profitability. Being innovative is important not only in differentiating your business, but also in how you choose to embrace and empower your team. National competitive advantage is an assessment of a nation’s ability to participate competitively in international markets. But while every successful company will employ its own particular strategy, the underlying mode of operation—the character and trajectory of all successful companies—is fundamentally the same.Companies achieve competitive advantage through acts of innovation. With this strategy, the objective is to become the lowest-cost producer in the industry. Selling globally, having global brands or having operations … Advertising products or services with lower prices or higher quality piques the interest of consumers. It is a more dynamic, strategic concept. Businesses shouldn't just strive to have the most market share locally or even nationally, but should instead consider their position on a global scale. Learn more about how your business can succeed in this webinar recap. They app A company finds a way to go global, looks for a strategic advantage in the market, and pushes forward to … It is considered the basis for profitability in a competitive market. This is the only way businesses can consistently differentiate themselves from the competition and remain relevant to consumers. Luckily, there is a known strategy for creating competitive advantage within a business. A well organized planned strategy should be used to achieve global competitive advantage. Many businesses accomplish this by doing the following: Generally speaking, businesses that are the first in their industry to successfully strike the balance between providing high value at the lowest cost increase their market share quickly, only driving down the cost of their product or service even further. Find out what they are and how your company can attain them in our webinar. Developed by Michael Porter in the mid 1980’s, this theory outlines the two … EDC’s own research shows that being competitive is among the top challenges Canadian companies face when going global and so the subject matter of this webinar was highly relevant. A sustainable competitive advantage provides a firm with an advantage relative to competing firms that is able to be sustained by the firm and not easily eroded by competitors over time. And how do they relate to international trade? If your business can create and maintain competitive advantage, then you can position yourself as a market leader. This blue ocean strategy helped 4elements gain competitive advantages and offer a value proposition that was difficult for incumbents to replicate. Maker of compostable takeout containers turns to EDC to help meet demand during COVID-19. Unlike comparative advantage, which is determined by largely unchangeable factors, competitive advantage can be created. 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