Competitive Advantage - Research Article from Macmillan Science Library: Genetics

This encyclopedia article consists of approximately 8 pages of information about Competitive Advantage.
This section contains 2,212 words
(approx. 8 pages at 300 words per page)
Buy the Competitive Advantage Encyclopedia Article

Many firms strive for a competitive advantage, but few truly understand what it is or how to achieve and keep it. A competitive advantage can be gained by offering the consumer a greater value than the competitors, such as by offering lower prices or providing quality services or other benefits that justify 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 superior 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 firm's may use to gain competitive advantage: cost leadership, differentiation, and focus. A firm utilizing a cost leadership strategy seeks to be the low-cost producer relative to its competitors. A differentiation strategy requires that...

(read more)

This section contains 2,212 words
(approx. 8 pages at 300 words per page)
Buy the Competitive Advantage Encyclopedia Article
Copyrights
Macmillan
Competitive Advantage from Macmillan. Copyright © 2001-2006 by Macmillan Reference USA, an imprint of the Gale Group. All rights reserved.
Follow Us on Facebook