DELL, IKEA, Seven-Eleven Business & Marketing Essay (Essay Sample)

Business Management
Supply Chain Management
Institution
Supply Chain Management
1 Why have these companies been successful in developing a competitive advantage?
A competitive edge enables a company to be a market leader among other similar or substitute brands in the industry. Dell Company began as an innovative company that filled a gap in the market through satisfying consumer needs in the tech industry. To achieve a competitive advantage, a manufacturer or supplier had to understand customer needs and wants fully. Staying up to date with the latest demands offers a challenge to any business; as numerous variables affect the overall decision made by the management to embark on a daring venture, which has the potential to be the most sought out brand in the market.
Efficiently managing resources enables a company to reduce wastage of resources and storage costs for goods that consumers don’t need at a particular point in time, all three companies DELL, IKEA and Seven-Eleven use their good relations with suppliers to acquire products they need when demand is created in the market. When it comes to utilizing resources, they are fast to introduce offers to some of their substitute and more quality products to cap any shortages they might be experiencing. They work towards ensuring consumers find everything they are looking for, with as little strain as possible with the best prices they could find in the market (Chopra and Meindi, 2015).
What philosophies and practices do they have in common?