The report talks about strategies that a business can use to avoid its competitors from stealing their ideas and using them to further their will and increase the sales of their products. The report gives nine pointers that a company would use that are particularly useful in safeguarding the ideas, strategies and tactics. In the article, companies are advised to protect their intellectual property. Firms should use all legal forums available to them to ensure that the business logo, trademark name, slogans, patent inventions and other measures to protect the product designs are safeguarded and are hard to imitate. In addition, firms are advised to do intellectual property checks annually. The checks ensure that they are up to date and that nothing should be added. Some of the most critical intellectual properties to lay checks on include the shapes of products, the location of the company logo on the bottle without ignoring the color of the bottle or product. These are all crucial to business and should be protected.
The third strategy that a firm can use to hinder imitation is by creating a brand that is strong compared to others. A strong brand is essential to business as it helps in keeping the loyal customers always glued to the business. A strong brand also makes it hard for competitors to keep up. Branding starts with a good name that matches the products. Managers and owners are advised to be a figurehead and face of their companies in brand creation. This is helpful as they are seen as brand ambassadors and competitors find it hard because they cannot use them in their businesses. Richard Branson, for example, has maintained an intrinsic part of the Virgin brand. The competitors find it hard to compete as they don’t have him in their brands. Customer satisfaction is critical in keeping pace ahead of the competitors. If a business makes its customers feel appreciated and recognized by always offering amazing services, customers reciprocate by loyalty and will not buy from other competitors.
The crucial issues are competition and imitation. In today’s lives, healthy competition is beneficial to the consumers as it leads to a variety of products. Imitation, however, is detrimental to the company because their customer block reduces in number. Companies should, therefore, implement strategies that assist them in avoiding imitations of their products or services. In the United States of America, companies and businesses try and remain competitive. This helps them to offer the best to their customers. Imitations are prohibited by the law and are punishable by withdrawal.
The US is an example of how companies can engage in healthy competition and still have their share of loyal customers. There are numerous companies and businesses in America but they practice healthy competition and shun imitation. In Germany, regulations have been put in place for healthy competition and that imitations do not supersede a set limit which may affect the level of operations of the other company.
The regulations are of great importance to the state as they control the operations in the business industry. Businesses in KSA also take imitation seriously. It is seen as a violation of rules. Healthy completion is practiced across the many companies in KSA. The rules that govern the industry are helpful in making sure that imitation in companies is kept at bay and that there is clear patenting. The case studies above clearly indicate that competition is global and that in many countries across the world, imitation is a vice that many countries punish. Countries encourage their companies to compete using their own creative means. Competition enhances innovation.
The problem of imitation can be solved using stringent rules and punishing those who engage in the act. Rules and punishments reduce occurrences of imitation cases. Companies are advised to be always dynamic and innovative in their operations. This helps them come up with unique ways to improve their businesses. Causes of imitation include the urge of having a large customer and increasing sales. Wal-Mart Company has overcome competition and imitations. The company has patented most of its products and services.
The case study shows that companies can still thrive despite high competition levels or imitations from rival companies. The company only needs to be more innovative. BIC Company has also thrived over its competitors despite the many imitations of the products that the company offers to the public. The company has built a brand and name for itself and consumers only choose to purchase its products in spite of the severe competition. My idea of a solution to the imitation and competition problem is by producing quality products and offering first class services to customers. The two always place a company ahead of its competitors.
Another viable solution to this problem is government regulation. The government should control imitations and maintain healthy competition. Imitation is bad for any industry. Companies should patent their ideas, produce quality products and services and be the best in their fields. Those that imitate should be punished is they go beyond limits. Healthy competition should always be maintained.
BIC . (2014, May 20). BICWorld.com. Retrieved May 20, 2014, from http://www.bicworld.com/: http://www.bicworld.com/
Business Case Studies. (2014, May 20). How businesses are affected by International competitors. Retrieved May 20, 2014, from http://businesscasestudies.co.uk/business-theory/external-environment/how-businesses-are-affected-by-international-competitors.html#axzz32F8mgGyg: http://businesscasestudies.co.uk/business-theory/external-environment/how-businesses-are-affected-by-international-competitors.html#axzz32F8mgGyg
Dictionary.com. (2014, May 20). Definitions. Retrieved May 20, 2014, from http://dictionary.reference.com/: http://dictionary.reference.com/