Mittal Steal in 2006: Changing the Global Steel Game Industry Analysis Although steel was a highly demanded good, the industry as a whole was largely unprofitable. One reason for this was that the industry remained highly fragmented in contrast to their suppliers and even some …
My business idea is to have light weight compact exercising equipment that can be move from place to place without taking up too much space or being to heavy to carry. My venture will be to promote good and healthy habits that will include a …
We want to understand what operations managers do. 4. MM is such a costly part of an organization What MM People Do: Planning, Staffing, Leading & Controlling Goods vs.. Services: Manufacturers produce tangible product, services often intangible, Operations activities often very similar, Distinction not always …
BusinessCompetitive AdvantageManagement
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versation require for operation. Quality assurance and control: Quality assurance and control is effective elements of operation management as quality consider as important ingredients for production system. Total quality assurance and control ensure service standards, inspection, control of quality , performance testing etc. Production planning …
How does value chain approach helps an organisation to assess its competitive advantage Most of the firms define value chain as mission of creating product or services. For these firms, the products or services generated are more important than any single step within their value …
Questions: 1.Do you think Wal-Mart is doing enough to become more sustainable? 2.What are the problems Wal-Mart has faced, and what has the company done to address them? 3.Why has Wal-Mart tended to improve performance while other retail outlets have been suffering financially? 1.Personally, I …
The Diamond Model of Michael Porter for the competitive advantage of Nations offers a model that can help understand the comparative position of a nation in global competition. The model can also be used for major geographic regions. Traditionally, economic theory mentions the following factors …
Competitive Advantage
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In business, a competitive advantage is the attribute that allows an organization to outperform its competitors.
There are a few different ways to define competitive advantage, but at its most basic, it can be defined as the thing or things that allow a company to produce goods or services at a lower cost, or to sell them at a higher price, than its competitors. This can be due to a number of factors, including economies of scale, access to cheaper inputs or labor, or a more efficient production process. It can also be due to a company having a unique product or service that its competitors do not have.
What is competitive advantage in your own words?
Competitive advantage is an advantage over other firms in the same industry. This can be due to lower costs, better quality products or services, or a more efficient production process. A competitive advantage allows a firm to generate more sales and profits than its rivals.
What is the importance of competitive advantage?
Competitive advantage is the key to success in business. It is the one thing that gives a company the edge over its competitors. Competitive advantage can be gained in many ways, but the most important thing is to have a clear understanding of what it is and how it can be used to your advantage.Competitive advantage is the difference between the performance of a company and that of its competitors. It is the measure of how well a company can generate more sales or profits than its competitors. It can be gained through many means, such as offering a better product or service, having a more efficient production process, or having a more effective marketing strategy.Competitive advantage is important because it allows a company to generate more sales or profits than its competitors. This can help the company to grow and expand, which can in turn create more jobs and provide more products or services to consumers. Competitive advantage can also help a company to survive during difficult economic times, as it can provide a buffer against tough competition.There are many ways to gain competitive advantage, but it is important to remember that it is not always about being the biggest or the best. Sometimes, being the first or the only company in a certain market can give you a competitive advantage. Being able to offer a unique product or service can also give you an edge over your competitors.No matter how you gain competitive advantage, it is important to remember that it is only temporary. Your competitors will always be looking for ways to improve their own performance and regain their edge. This means that you must always be on the lookout for new ways to improve your own performance and stay ahead of the competition.
What is a competitive advantage and give an example of one?
A competitive advantage is an advantage that a company has over its competitors. This can be in the form of lower prices, better quality products, or more innovative products. An example of a competitive advantage would be if a company has a new and unique product that its competitors do not have.
