Market competition has become increasingly cut throat in today’s globalization era with firms competing in multiple regions and across multiple industries. It has become increasingly important for businesses to have a well thought out and strategic approach to competition in order to gain the competitive advantage necessary to successfully operate in today’s market environment. One way to do this is through the deployment of a Dispersed Industry Competition Strategy (DICS) which is a strategy focused on gaining competitive advantage by competing across multiple industries in order to out maneuver competitors.
The strategy behind DICS is to make sure each aspect of the business is competitive in the various markets and industries that the company is involved in. This means that the company must be competitive on both price and quality, as well as having a competitive edge in terms of service, innovation, branding and other key areas that influence competitive advantage. The aim is to ensure that the business has a comprehensive approach to competition that allows it to remain competitive in all industries in which it is involved.
The key to a successful DICS is to ensure that the company is competing in multiple industries in order to spread out its competitive challenges and decisions. This allows the company to focus its resources in the best possible way and tailor its operations to the benefits of competition within each industry. This will also often lead to better economies of scale as the firm can make use of the same processes and resources across multiple industries.
Due to the nature of competition within each market and the potential for information asymmetry, the company must also employ market intelligence in order to identify and leverage viable opportunities. This requires the company to gather and analyze data related to customer trends, competitor activities, pricing patterns, and industry dynamics in order to better understand the dynamics of the market in which it is operating.
Furthermore, a DICS requires careful consideration of the competitive landscape in order to ensure an edge is maintained over the competition. This includes thorough analysis of competitors’ strategies, customer motivations, and pricing, as well as a full evaluation of the industry in order to identify weak spots that the company can exploit.
Lastly, it is important that the company adopts a flexible approach to competition that allows it to rapidly adjust to changing customer needs, market dynamics and competitors’ strategies. To be effective, a company must be able to rapidly alter its strategies and tactics in order to remain a step ahead of the competition. This, again, requires market intelligence as to be able to identify and capitalise on such market opportunities.
To sum up, the Dispersed Industry Competition Strategy (DICS) enables businesses to effectively compete in multiple industries in order to gain competitive advantage. It requires careful planning, strategic thinking, and market intelligence in order to remain a step ahead of competition. Through the deployment of a well considered DICS, businesses can gain the competitive edge necessary for success in today’s highly competitive and globalised market.
