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Explaining competitive advantage:
Competitive advantage is an extra facility that a company carries over other businesses that are considered to be their competitor. It is a corporation or a firm that had gained dominance i.e. when they can provide the product of same value at a lower rate. This facilitates a greater salethat attracts more customers. Competitive advantage can be of various types, like:
- Product offerings
- Customer support
- Firm’s cost structure
- Distribution network
But the Creating Competitive Advantage Assignment Help also mentions the two main types of competitive advantages that prevails are:
- Comparative advantage or cost advantage
- Variance advantage
Creating Competitive Advantage Homework Help also explains that the competitive advantage offers companies a benefit to winning over its competitors and also a capability to produce a larger value for its company and its shareholder. The greater the competitive advantage, the more it will be tough to normalize the position effect. Now competitive edgewhen arises from a country then it is called comparative advantage.
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