COMPETITIVE ADVANTAGES OF BUSINESS ENTITIES: FORMATION, MODELLING, DETERMINANTS

Анотація

The article highlights the theoretical and methodological issues of formation and modelling of competitive advantages of economic entities. It is determined that the competitive advantages of business entities can be considered as legally regulated instruments for achieving economic advantages in the market of goods/services used in the struggle for consumers. The key areas of ensuring competitive advantages are improved: market identification; creation of product uniqueness; formation of a competitive strategy; attraction and retention of customers; and increase of profitability. It is proved that economic modelling of competitive advantages may involve the use of such economic models as: models of markets for specific goods (supply and demand); Porter's model of competition; models of production of certain products/services; GCM model; GE/MrKnsey model; business simulations of business entities and their structural production units; models of work flow (production processes); models of classification of business resources (in particular, ABC analysis, XYZ analysis); SWOT analysis; business models of business entities; benchmarking models, etc. The main stages of economic modelling of the competitive advantages of business entities include: identification of key success factors; model building; analysis of possible strategies; forecasting results. This involves identifying and analysing the factors that affect the competitiveness of business entities, such as manufacturability and product quality, production costs, marketing strategies, etc. The article clarifies the determinants of competitive advantages of business entities (investment in research and development, focus on quality, brand development, strategic partnership, customer relations, cost management, complexity, adaptation to changes in the market). The grouping of approaches to determining the sources of competitive advantage has been further developed: 1) resource-based approaches (resource-oriented approach, the concept of the main resource); 2) strategy-oriented approaches (strategic approach, the strategy of choice); 3) innovation and technology-based approaches (innovative approaches, technology-oriented strategy).

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