- Published: November 24, 2021
- Updated: November 24, 2021
- Language: English
- Downloads: 28
Competitiveness can be regarded as the ability of a nation, firm or sub-sector to supply and sell services and goods in a given market. These good and services must meet the basic requirements of global markets while at the same time protecting and maintaining the real incomes of individuals in a nation. Again, competitiveness consists of a company’s ability to maintain customers’ preferences with regard to services and products offered against other alternatives on a consistent approach. Research has shown that competitiveness has consistently been measured in economic and financial approaches worldwide. Hence, most of the economic and financial data hindered to by most individuals, always consist of quite a number of setbacks. Both the economic and financial measurement approaches are considered to have an elevated intensity of aggregation and do not tend to depict the main sources of failure or success (Gunduz, 2014).
Thus, it should be noted that competitiveness can be examined alternatively through the study of the main factors that drive competitiveness and that include; the operational effects and operational applications. It is through these specific alternative factors that the engineering approach based on competition is duly adopted. The engineering concept significantly defines a company’s ability to compete as the identification and application of the best norms with a view of getting the best operational outcomes the company can manage while advocating for the ultimate combination of different competitive abilities of certain individual enterprises with regard to a nation’s capacity to compete.
The statement “ We see the competitive capacity of a nation as the combination of competitive capacities of its individual enterprises,” significantly represents the ability of a nation to use competition as a tool of growth and development economically, socially and politically. Actually, it involves the specific sources of competitive advantages often viewed as the characteristics of the said enterprises and specifically assists them to be integrated with situations that help them to be in better positions than their competitors. Considering the factors of both the capacities and resources, it is significant to consider that these sources of competition are internal and external factors that affect the enterprise directly or indirectly. Hence, an entrepreneur always tends to combine theses mentioned factors strategically with a view of establishing and implementing his or her own unique competitive competency (Gunduz, 2014).
Research has shown that national competitiveness always involves the small and open economies, which significantly relies on the direct trade and investment for growth and development. This leads to increase in productivity hence raising the living standards of citizens in a given a nation altogether. Considering the fact that competition tends to create the awareness of both the challenges and limitations posed when experienced it also shows how a nation’s enterprises plan and organize their limited possessions and abilities to form respective and significant competencies. The above statement creates an avenue in which a nation’s enterprises and their employees can always engage in business activities in all required essential areas which include; individual relations, manufacturing and supply of products and services, planning and implementation and the overall leadership that comes with competition. All these activities are integrated together with an expected overview of having sustainable operational global outcomes in relation to customer service, timely delivery, quality products and services, effective costs, flexible business activities and lastly healthy competition (Gunduz, 2014).
Gunduz, U. (2014), Benchmarking Competitive Strategies and Best Manufacturing Practices: A Study into Four Sectors of the Turkish Industry. MS 414/IE 514 Manufacturing Strategy.