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Gain a Better Understanding of the Competition With an MBA

Today’s workplace thrives on data analysis and global supply chains. It is a fiercely competitive market, and entrepreneurs need more than just a clever idea and an eye-catching logo to rise above the competition. It is not enough to be an enthusiastic risk-taker; you also need a competitive advantage — something that can give you quick and accurate insight on emerging trends and developing markets. These are the tools that successful entrepreneurs find in an online MBA program.

MBAs know how to analyze competitors

A Competitive Edge

Recent studies have noted that one in four master’s degrees awarded every year is a Master of Business Administration, and many companies are actively pursuing MBAs. If you do not have an MBA, statistically speaking, at least one of your competitors probably does. While you are busy trying to figure out how you lost your competitive advantage, your nearest competitor is breaking down key market data points and crunching the numbers to figure out where the market is going and how to get there weeks, or even months, before you do. MBAs learn how to analyze competitors and the marketplace and are, therefore, poised to help companies capitalize on opportunities.

Smarter Data

An online MBA program offers students valuable experience in modern accounting packages, financial analysis and modeling tools, specialized advertising techniques and the knowledge to implement modern information systems that deliver better qualitative analysis of market trends than anecdotal conversations and other outdated modes of data acquisition.

Adapt or Die

As businesses become increasingly global, 24/7 environments, the competitive advantage of MBAs becomes critical to growing a business beyond its initial five-year survival plan. The expertise that comes with an MBA improves business managers’ reactions to market changes, and it positions them to take advantage of new data modeling and data analysis tools. This kind of market awareness can lead to a more agile business that will outpace its competition.

Connect With the Core

Business intelligence insight also helps a company connect with its core customer groups and supply chains more closely, thereby reducing the time and distance involved in designing, producing, packaging and shipping products to retail locations. Data management also helps the company understand its customers better, which improves customer satisfaction and brand loyalty.

Invest in Education

It is no longer enough for entrepreneurs to simply open a storefront and stack products on tables for passing customers. You have to know where your customers are, how they shop, what brands they prefer to buy and how to incentivize them to return. You can gather all of this data over time, but why wait? MBA program graduates learn how to isolate this data and put it to use immediately. It is true that you have to spend money to make money, but spend it wisely by investing in an education that will give you smart business tools to better your chances in the marketplace.

Learn more about the Southeastern Oklahoma State University online MBA in Management program.


Sources:

http://www.topmba.com/jobs/career-trends/end-competitive-advantage-new-mba-career-strategies

http://cisonline.bu.edu/news-resources/why-business-intelligence-is-key-for-competitive-advantage/

http://www.quickmba.com/strategy/competitive-advantage/



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