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 margin 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 the competitors. It gives a unique advantage to the firm over its competitors.
Response:
It is a strategy followed by firms which gives timely response and solutions to problems in a rapid manner.
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Principles of Operations Management: Sustainability and Supply Chain Management (10th Edition)
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