Answered: What does it mean for a firm to have a…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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What does it mean for a firm to have a competitive advantage? What gives a firm a competitive advantage?

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Step 1

Companies use different strategies to be ahead of their competitors and sell products and services that are considered to be more valuable to customers than their rivals.

Companies try to create differentiation in their products to make them look different from the competitors or add some features or benefits to their products and services that are provided by the competitors.

Companies have to face intense competition in the market especially for similar products so they have to apply strategies in a way that customers prefer their products over the competitors.

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