What are the two basic strategy options for creating a competitive advantage?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
- What are the two basic strategy options for creating a competitive advantage?
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Step 1
The competitive strategy provides an area for the organization to become efficient in and sustain it for the long period. The major dimensions in competitive strategies are quality, reliability, process flexibility, and innovation.
Therefore, an organization has to ensure the creation of a competitive advantage and then protection of competitiveness in the industry. Further, it decides upon the profitability, and brand loyalty of the organization to fight the competition.
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