ConclusionItis commonly said, that small and medium-sized enterprises are stillan important part of the economy, which is largely dependent on theircondition.
Choosing the right competitive strategy for company’s,gaining and maintaining competitive advantage is a result of broadlyunderstood competitiveness. Small and medium-sized companies, inorder to survive or succeed in markets, including international ones,must be competitive. The source of competitive advantage is theresult of many of the actions that the company takes in designing,manufacturing, marketing, selling and supporting its product.Companies should pay more attention to building a competitivestrategy and not just be confined to reacting to their competitors’behaviour and imitation. An excellent example of a consistent andwell-designed competitive strategy is Loveholidays. This company hasachieved 60% higher growth than in 2015. The chief executive pointsout that they have adequate resources to continue this strategy inthe near future. Also, Parent Company declared that it would supportLoveholidays to the same extent in the next 12 months.
To maintainthe current growth, company in its strategy should consider changesthat are occurring in the world, among other things, terrorism.Between 2015 and 2016, the company recorded a loss of £1.3m, whichwas caused by terrorist attacks in Egypt in November (We LoveHolidays Ltd, 2016). Thanks to this company will be able to save alot of money in the future.
Loveholidays could also focus more oncommunity portals such as Facebook. On his Facebook, Loveholidayscurrently has 711k of ”likes” on Facebook but companies, such as,Holidaypirates had 9m and Holidayguru 6.7m. (Facebook, 2017).Increasing the reach of online platforms would increase the scope oftheir advertising. In addition, as is apparent from complaints filedby clients company should refine the procedures of refunds andbookings (Trustpilot, 2017).
But it is most important forLoveholidays to develop its competitive strategy in line with thechanging environment in the market.