Chapter 6, Problem 6.2UYK

Explanation of Solution

Eight principles of competitive advantage:

Eight principles of competitive advantage have been categorized into product implementations and process implementations.

Applications:

Product Implementations:

• Create new products or services:
  • To offer new products or services to the customer, this is better than the competitor’s product.
• Enhancing products or services:
  • Improving the currently offering products by implementing the upcoming ideas.
• Differentiating products or services:
  • Making the products stand in the market by implementing upcoming ideas.

Process Implementations:

• Lock in customers and buyers:
  • Holding the customers and buyers to buy their products by providing good customer service and fulfilling the wishes and needs of the customer
• Lock in suppliers:
  • Holding the suppliers on their side makes them always available and ready to help.
• Raising the barriers to market entry:
  • Making some barriers, this will create a difficulty in startup business...