Chapter 3, Problem 2GDQ

Explanation of Solution

Principles of competitive advantage:

Some of the competitive advantages with “Product implementations” are:

• Creating new products.
• Enhancing new products.
• Differentiating the products.

Some of the competitive advantages with “Process implementations” are:

• Lock in customers as well as buyers.
• Lock in suppliers.
• Increasing obstacles to market entry.
• Establishing agreements.
• Reducing costs.

One competitive advantage over the classmates:

By considering the principles from product implementations, the way in which one has a competitive advantage over his/ her classmates are as follows:

• Enhancing the products: By taking the second principle “enhancing the products” as an example, one can enhance the products through frequent education and one should be up to date about the changes in the services or products...