COMPETITIVE STRATEGY AND COMPETITIVE ADVANTAGES OF SMALL AND MIDSIZED MANUFACTURING ENTERPRISES IN SLOVAKIA

Abstract: In order to be successful, organizations must be strategically aware. The need for all managers is to by able to think strategically. Decisions by managers have a strategic impact and contribute to strategic change. Strategic management is a highly important element of organizational success. Strategic success requires a clear understanding of the needs of the market, and the satisfaction of targeted customers more effectively and more profitably than by competitors. Real competitive advantage implies companies are able to satisfy customer needs more effectively than their competitors. It is achieved if and when real value is added for customers. Small and midsized enterprises which understand their customers can create competitive advantage and so benefit from lower prices and loyalty of customers. Higher capacity utilization can then help to reduce costs