Sustainable Competitive Advantage Concept And Learning Significance Essay

3. According to the Investopedia, “Competitive advantage is an advantage that a firm has over its competitors, allowing it

2.Competitive Advantage – It includes the best product of an Organization in the competitive market.

Competitive advantage exists when a firm has strategy, product or an attribute that makes the firm capable of delivering similar benefit to that of competitors at a cheaper cost. Having competitive advantage is not enough the company should be capable of sustaining that particular competitive advantage for a longer period of time.

Target market is the market segment to which a particular good or service is marketed. It is generally studied and mapped by an organization through lists and reports containing demographic information that may have an effect on the marketing of key products or services.

In addition to a defined target market, an advisors competitive advantage should be clearly articulated and repetitively used throughout marketing materials, like with social media, emails, and websites. In addition, ensure that both your target market and competitive advantage is reflected in public conversations and meetings.

A Competitive Advantage is a peculiarity for an organization between it's competitors . It's achieved either by lowering prices or by greatening the value of the product or by offering luxury service and benefits to cope with high prices .

Competitive advantage is that a company has better ability in earning profit and profit growth compared to its competitors for the same group of customers in one industry.

Competitive advantage(CA) is an advantage competitors gain by providing or offering customers or consumers greater value for their money through product and service differentiation or through lower prices. Maintaining competitive advantage is crucial to many businesses or organizations' success in order to survive in the market. Competitive advantage is characterized by superior performance which could be an attribute to outperform the competitors whether current or potential; or gaining a higher market share in a particular industry thereby ensuring market leadership; or ultimately, maximization of profit.(JOBBER 2010)

The study of sustainable competitive advantage (SCA) within particular service industries was encouraged as far back as 1993. Bharadwaj et al. (1993, p. 83) proposed a conceptual model which attempted to integrate SCA issues from the fields of marketing, strategic management

Different organization looks at the level of technology that competitors used in production of their services. Another crucial thing is the evaluation of what the competitor’s customer are complaining about and takes it as an advantage of attract customers to the organization (Matthew, 2010).

Competitive advantage is explained by Mahoney and Pandian (1992) as the function of industry analysis, organizational governance and the firm’s effects in the form of resource advantages and strategies. In order for a firm to be competitive it must adapt to the volatile business environment and through strategic management decisions establish a competitive advantage that will ultimately produce superior performance relative to its competitors (Akimova 2000).

A company achieves sustainable competitive advantage when an attractive number of buyers prefer its products or services over the offerings of competitors and when the basis for this preference is durable.

In order to achieve competitive advantage, a firm must perform one or more value-creating activity that is more superior compared to other competitors. Superior value is created through lower costs or superior benefits to the buyers.

Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives. You can use this knowledge to create marketing strategies that take advantage of your competitors ' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.

*  A competitive advantage is one that distinguishes a firm or a business from the competitors in the minds of the customers. It also refers to the state or ​condition that make a ​business more ​successful than the ​businesses it is ​competing with, or a particular thing that makes it more ​successful such as having a higher sales through offering low or affordable goods and services.