Competitive Advantage - Strategy, Style, Advantage

emulous Advantage - dodge, style, vantages, definition, model, comp whatsoever, business

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Encyclopedia of Business, 2nd ed.

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COMPETITIVE ADVANTAGE
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Many firms give for a competitive advantage, further few truly envision what it is or how to achieve and keep it. A competitive advantage potty be wined by offering the consumer a great value than the competitors, such as by offering turn down prices or providing quality services or other benefits that guarantee a higher price. The strongest competitive advantage is a strategy that that cannot be imitated by other companies. Competitive advantage can be also viewed as any activity that creates boss value above its rivals. A company wants the gap between perceived value and cost of the product to be greater than the competition.



Michael Porter defines three generic strategies that firms may use to gain competitive advantage: cost leadership, differentiation, and focus. A firm utilizing a cost leadership strategy seeks to be the low-cost manufacturing business relative to its competitors. A differentiation strategy requires that the firm own a non-price attribute that distinguishes the firm as superior to its peers. Firms spare-time activity a focus approach direct their attention to squeeze product lines, buyer segments, or geographic markets. Focused firms depart use cost or differentiation to gain advantage, but only within a narrow target market.

personify ADVANTAGE RESULTING FROM EFFICIENCY
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