EBK MARKETING
9th Edition
ISBN: 8220103613903
Author: Stuart
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 10QA
Summary Introduction
To determine: The term competitive advantage with respect to a business firm and the ways in which a firm can gain competitive advantage over it rivals.
Introduction: Competitive advantage is trait that allows a company to give output better than its competitors. In the words, it provides leverage to the company in a business over its competitor thus making them perform better.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What does it mean for a firm to have a competitive advantage? What gives a firm a competitive advantage?
Can you think of firms that have successfully created a competitive advantage even though other firms provide essentially the same thing? What factors enable this success?
There are some corporate strategists who have suggested that firms focus on maximizing market share rather than market prices. When might this strategy work, and when might it fail?
Knowledge Booster
Similar questions
- How are internal factors different from external factors in a firms competitive environment?arrow_forwardHow do successful firms derive their competitive advantage?arrow_forwardA competitive strategy identifies how to build and strengthen the business’s long-term competitive position in the marketplace. If your school assigned you to decide the competitive strategy, which of the three strategies will you choose and give your opinion to support your argument?arrow_forward
- Why is it so important for a firm to identify its corecompetencies?arrow_forwardHow can the firms understand their competitors?arrow_forwardA profitable company will make it a point to determine how its competitors are doing business and try to do it better themselves. Benchmarking is one of the most effective tools available to an organization to ensure that these goals are being met. Many organizations use benchmarking as a way to measure organizational performance. What are the pros and cons of this approach? Has this approach always been used as a competitive tool? Provide at least two examples of companies using this type of tool to help them remain competitive within their market.arrow_forward
- What strategy should a business manager follow to increase the competitiveness of his business?arrow_forwardShould a business stick to its competitive strategy all throughout its life cycle?arrow_forwardExplain why Management has little control over the competitive environment confronting a firm?arrow_forward
- What is the relevance of the resources and capabilities of an organization in enabling competitive advantage?arrow_forwardIf you are in charge of a fast moving consumer goods enterprise, what strategic methods can one use to acquire inputs at different circumstances.arrow_forwardHow do the five competitive forces in Porter’s five forces model affect the average profitability of the industry? For example, in what way might weak forces increase industry profits, and in what way do strong forces reduce industry profits? Identify an industry in which many of the competitors seem to be having financial performance problems. Which of the five forces seem to be strongest?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
