Operations Management
Operations Management
11th Edition
ISBN: 9780132921145
Author: Jay Heizer
Publisher: PEARSON
Question
Book Icon
Chapter 2, Problem 10DQ
Summary Introduction

To determine: Three primary ways to achieve a competitive advantage.

Introduction:

Competitive advantage:

A competitive advantage is a state or condition which puts a firm in a favorable or a superior business position. This advantage will enable the firm to have more sales margins and more customers than its competitors.

Three primary ways to achieve competitive advantage:

Cost leadership:

The firm will be conducting its operations and selling its products at low prices, thus having a higher market share than their competitors.

Differentiation:

The firm will be developing products with unique attributes which are not delivered by competitors. It gives a unique advantage to the firm over its competitors.

Response:

It is a strategy followed by firms which gives timely responses and solutions to problems in a rapid manner.

Blurred answer
Students have asked these similar questions
There are three primary ways to achieve competitive advantage – cost, differentiation, and specialization. (1) Provide a general example of each competitive advantage; and (2). Then select an industry – food, transportation, tourism, construction, manufacturing, energy, agriculture, mining, financial services, automotive, medical device, clothing music, etc. – and explain which competitive advantage method would be the most effective.
Identify the type of business strategy of your firm, mention below how its business strategy has improved the competitive advantage and describe five important opportunities for your future firm and describe also five threats, here opportunities and threats are related to competition, new products, new services, economic conditions, consumer preferences, costs, and international trade. Elaborate properly for each giving the fundamental reasons, find the relationship when you calculate the latest Sustainable Growth Rate or "g". Threats/Opportunities "g" Calculation Relationship Reason You must visit the SEC10K of your firm and read the sections, business description and business environment, financial statements, and management discussions, and also NOTES to the consolidated financial statements.
7)   What is the best way for a small hardware store to compete against Home Depot, when Home Depot can charge less for the same products? Select an answer: Focus on customer service, and create relationships. Try to convince Home Depot to close its store. Buy cheaper, inferior products. Try to find suppliers who will charge less for their products.
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning