The research evaluates the adoption of changing technological trends such as Artificial Intelligence and how this will affect competitive strategies. Technological innovations are the main drivers of economic growth. The process ensures proper creation of technologies that make marketing activities efficient.
The philosophy is supported by the increasing number of consumers using online platforms. Many people have joined social media websites that allow them to connect with friends (Baker, 2014, p. 70). It is an opportunity for marketers to identify mechanisms to advertise goods on such platforms. For example, companies like Wal-Mart or Uber have identified opportunities to help them apply new technology when creating a profitable, competitive advantage.
Significance of Competitive Strategies
The research will help the society understand that technology plays an important role in implementing competitive strategies. It will provide with different modern techniques of improving customer service. Besides, the results will apply to companies that focus on innovative ideas to capture the market demand. It provides with applicable ideas that improve the current methods of providing answers to customer needs, questions and complaints.
The research allows the firms to identify a technological mechanism to differentiate their products from other competitors (Christensen, 2013, p. 65). The goal is to increase customer loyalty and retain them in the business. When the current teenagers become adults, the technological mechanisms will be very prominent (Spero, and Stone 2004, p. 34).
Research on competitive strategies by Porter’s (1991) shows different market processes and performance results (Porter and Heppelmann, 2015, p 78). It confirms that competitive strategies are the main components that shape and places business in an attractive position in the market environment.
- To determine the new technological strategies that promote competitive strategies
- To evaluate the impacts of dynamic technological trends in the market
The generic strategies are also emphasized in the article which includes cost leadership, differentiation, growth, alliance, and innovation. Besides, Xu and Quaddus (2013, p.27) indicate that information system is appropriate to implement the main competitive strategies.
According to Nijem (2016, p. 3), active collaboration allows the managers to involve all stakeholders in the implementation of competitive strategies.
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