Business experts have long pointed out that success involves a competitive advantage. Historically, the most commonly identified aspects of business that lead to a competitive advantage have included being better than your competitors at:
- Customer Service
- Finance
- Marketing
- Strategy
- Technology
There is general agreement that being better at several of these can provide a significant competitive advantage. It is almost universally agreed that being better at all five of them can put you in an elite status in terms of success.
Measured in terms of “most admired” or “most profitable” companies, the list of exceptionally successful companies (alphabetically) includes:
- Amazon
- Apple
- BP
- Berkshire Hathaway
- Boeing
- Coca-cola
- FedEx
- Ford Motor Company
- GE
- General Motors
- Johnson & Johnson
- Microsoft
- Nordstrom
- Samsung
- Southwest Airlines
- Starbucks
- Wal-Mart
- Walt Disney
- Whole Foods Market
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In looking at this list, one is struck by the diversity of industries represented, such as:
- Aerospace Manufacturing
- Airline travel
- Electronics
- Entertainment
- Food & Beverage
- Motor Vehicle Manufacturing
- Oil & Gas
- Retail (both high & low ends)
- Technology
Regardless of your industry, your company needs to have a competitive advantage.
- More information and insights will be contained in upcoming parts of this series.
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