Competition. The law of limited resources and the objective basis of competitiveness of producers (the most important)

Lecture notes, cheat sheets
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Competition. The law of limited resources and the objective basis of competitiveness of producers (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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6. The law of limited resources and the objective basis for the competitiveness of producers

The Law of Limited Resources: economic resources are insufficient in terms of their productivity to fully satisfy all needs at a given level of development. Their use in one area excludes the possibility of their simultaneous use in another.

All resources are non-free, limited and rare. The concept of limited resources is quite common. Only in conditions of scarcity and limited resources, on the basis of which benefits are created, do economic problems arise. Economic problems do not arise if the volumes of goods and resources that satisfy human needs are unlimited. But their rational use can increase the competitiveness of a manufacturer interested in the efficient use of resources and profit maximization, as well as satisfy part of human needs.

The objective basis for the competitiveness of manufacturers in the market is determined by their ability to compete with other manufacturers operating in the same market segment and producing similar products, as well as achieving and maintaining a strong competitive position for a long period of time. This is the main condition for its successful functioning, expressed, ultimately, in terms of profitability. To do this, on the one hand, you need to know the main characteristics of the competitive position that it wants to take in the future, and on the other hand, to have a clear idea of what resources and capabilities that give it a competitive advantage it needs to have for this, and which of them it is really available or will be available.

To achieve high competitiveness, manufacturers:

▪ strategic management;

▪ strategic marketing.

Strategic management is the main tool for ensuring the competitiveness of manufacturers. It includes the construction and implementation of a competitiveness model.

Strategic Marketing - one of the methods to ensure the competitiveness of manufacturers. It occupies a subordinate position in relation to strategic management and can be effectively used in the presence of certain external conditions. The main goal of marketing is to satisfy the needs of target consumers as fully as possible. Therefore, the management of the competitiveness of manufacturers, which operates in a competitive environment and sets long-term development goals, should have a strategic focus.

Author: Ilyina V.N.

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