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What does the term 'competitive advantage' refer to?
What does the term 'competitive advantage' refer to?
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Practice Questions
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Q1
What does the term 'competitive advantage' refer to?
A company's ability to outperform its competitors
The cost of production compared to competitors
The number of products offered in the market
The market share held by a company
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Competitive advantage refers to a company's ability to outperform its competitors, often through unique resources or capabilities.
Questions & Step-by-step Solutions
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Q
Q: What does the term 'competitive advantage' refer to?
Solution:
Competitive advantage refers to a company's ability to outperform its competitors, often through unique resources or capabilities.
Steps: 4
Show Steps
Step 1: Understand that 'competitive advantage' is a term used in business.
Step 2: Recognize that it means a company can do better than its competitors.
Step 3: Identify that this can happen because the company has special resources or skills.
Step 4: Realize that having a competitive advantage helps a company attract more customers and make more profit.
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