What is meant by competitive advantage?
Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. These factors allow the productive entity to generate more sales or superior margins compared to its market rivals.
What’s another word for competitive advantage?
What is another word for competitive advantage?
| one-upmanship | gamesmanship |
|---|---|
| artfulness | competition |
| cunning | cutthroat |
| bettering | cageyness |
| canniness | competitive edge |
What is the role of competitive advantage provide examples of the different types of competitive advantage?
Examples of competitive advantage Unique access to technology or production methods. A product that no-one else can offer (protected by IP law or patents, etc.) Ability to produce and sell at a lower cost (known as cost leadership) Brand and reputation.
What are the factors affecting the durability of competitive advantage?
The answer depends on three factors: barriers to imitation, the capability of competitors, and the general dynamism of the industry environment. Barriers to Imitation A company with a competitive advantage will earn higher-than-average profits.
What factors influence competition?
From a microeconomics perspective, competition can be influenced by five basic factors: product features, the number of sellers, barriers to entry, information availability, and location.
What is competitive rivalry example?
If rivalry is fierce, then competitors are trying to steal profit and market share from one another. For example, high intensity of rivalry means competitors are aggressively targeting each other’s markets and aggressively pricing products. This represents potential costs to all competitors within the industry.
What are the four types of competitive situations?
Economists have identified four types of competition—perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition was discussed in the last section; we’ll cover the remaining three types of competition here.
What are the main drivers of competition?
6 Key Drivers To a Long-Term Competitive Advantage
- Real intellectual property.
- A dynamic product line, rather than a single product.
- Dramatic cost improvement for cause.
- Proven team with inside relationships.
- Lock on the market or customer base.
- Strong focus and differentiation.
How can the marketing mix build competitive advantage?
The hypothesis testing result that marketing mix strategy through product, price, place, promotion, people, physical evidence, and process simultaneously is the main factor which could increasing competitive advantage.