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Leading brands have always tried to differentiate themselves from the competition either by creating new product streams or putting in place barriers’ for others’ entry to the industry. However, in the internet age, it is very difficult to guard secrets and competitors eventually do manage to copy at scale. A study conducted claims that the quality levels and consistency in performance are the two aspects that companies noted for high performance manage to achieve. Manufacturing companies in the USA and Taiwan were studied to analyze trends that point towards excellence. USA was chosen as a subject country due to being the pace-setter towards global business innovations, while Taiwan is a leading manufacturing hub plus was seen as a case for differences in oriental and occidental cultures. The team zeroed in on four qualities which leading innovators and product leaders need to posses. One of them is constant innovation. Another is a cycle of improvement at work. Such companies need to respond to market impulses after studying available business intelligence carefully. Such companies must also be honest enough to admit mistakes when committed. Any weak signals that emerge must be addressed and resolved immediately.

Source:http://www.strategy-business.com/blog/What-It-Takes-to-Stay-Ahead-of-the-Competition?

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