EXPERIENCING MIS >CUSTOM<
EXPERIENCING MIS >CUSTOM<
7th Edition
ISBN: 9781323518731
Author: KROENKE
Publisher: PEARSON C
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Chapter 3, Problem 6ARQ

Explanation of Solution

Eight principles of competitive advantage:

Eight principles of competitive advantage have been categorized into product implementations and process implementations.

Applications:

Product Implementations:

  • Create new products or services
    • To offer new products or services to the customer this is better than the competitor’s product.
  • Enhancing products or services
    • Improving the currently offering products by implementing the upcoming ideas.
  • Differentiating products or services
    • Making the products stand in the market by implementing upcoming ideas.

Process Implementations:

  • Lock in customers and buyers
    • Holding the customers and buyers to buy their products by providing good customer service and fulfilling the wishes and needs of the customer
  • Lock in suppliers
    • Holding the suppliers on their side makes them always available and ready to help.
  • Raising the barriers to market entry
    • Making some barriers, this will create a difficulty in startup business.
  • Establishing alliances
    • Making tie up other business partners will help them succeed in their business.
  • Cost reduction
    • Reducing the rate of the product will make them offer products or service at a cheaper rate.

Examples:

Product Implementations:

  • Create new products or services
    • The bookstore can achieve this strategy by tracking the books, which are offered to the student by using the information system...

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