Three primary ways to achieve a competitive advantage. Introduction: Competitive advantage: A competitive advantage is a state or condition which puts a firm in a favorable or a superior business position. This advantage will enable the firm to have more sales margin and more customers than its competitors. Three primary ways to achieve competitive advantage: Cost leadership: The firm will be conducting its operations and selling its products at low prices thus having a higher market share than their competitors. Differentiation: The firm will be developing products with unique attributes which are not delivered by the competitors. It gives a unique advantage to the firm over its competitors. Response: It is a strategy followed by firms which gives timely response and solutions to problems in a rapid manner.

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Chapter 2, Problem 10DQ

Summary Introduction

To determine: Three primary ways to achieve a competitive advantage.

Introduction:

Competitive advantage:

A competitive advantage is a state or condition which puts a firm in a favorable or a superior business position. This advantage will enable the firm to have more sales margin and more customers than its competitors.

Three primary ways to achieve competitive advantage:

Cost leadership:

The firm will be conducting its operations and selling its products at low prices thus having a higher market share than their competitors.

Differentiation:

The firm will be developing products with unique attributes which are not delivered by the competitors. It gives a unique advantage to the firm over its competitors.

Response:

It is a strategy followed by firms which gives timely response and solutions to problems in a rapid manner.

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