Business organizations are always out looking for something that will give them a competitive edge over their closest rivals in the market. However, it must be noted that competitive advantage needs the managers to pick out a particular target market with a given need that is well defined, developing exceptional products and services, and doing them in a better way as compared to the competitors (Leigh, 2018). This paper will try to identify similar products that are offered by Bank of America, Wells Fargo, TD Bank, Citizens Bank and Key Bank as compared to what our firm offer to the people.
All these banks seem to be providing similar products to the market. For instance, the Bank of America offers financial assistance to its customers by providing them with credit, trade, equipment finance, and treasury. The Citizens Bank, on the other hand, helps most of its clients in attaining their business goals at all times. The TD bank makes sure that its users achieve their financial goals by helping them with IRAs, savings, personal loans, mortgage, and personal loans. Key Bank, Alcorn, and Robinhood bank also offer similar products to what is being offered to the market by TD and Citizen bank. My product is outstanding from what the other firms are providing as it is designed to help the low-income business or small business to attain financial stability by checking how they spend their income (Herrera, 2015). Furthermore, the technology involved in the selling the product to the consumers will give the firm a competitive edge as it helps the consumers to keep track of their savings by using the app provided by the bank (Barney, 2014). Hence, despite the products being offered to the market being the same to what others are having, the product will give the firm a competitive edge because it aims at a demographic that other firms are not focusing on and also the technology is unique.
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References
Barney, J. B. (2014). Gaining and sustaining competitive advantage. Pearson higher ed.
Herrera, M. E. B. (2015). Creating the competitive advantage by institutionalizing corporate social innovation. Journal of Business Research, 68(7), 1468-1474.
Leigh, B. (2018). Business Strategies for a Competitive Advantage . Retrieved from http://smallbusiness.chron.com/business-strategies-competitive-advantage-4633.html
