1.2.4 The Competitive Advantage Flashcards
1
Q
What is a competitive advantage?
A
An advantage gained over competitors which enables the business to perform better than competitors
2
Q
What different things can give you a competitive advantage?
A
Expertise of business
Location
Market research
Quality of products
Unique selling point
Wider product range
Better customer service
Stronger brand image
Better product features
3
Q
What is SWOT analysis?
A
Used to identify an organisation’s strengths, weaknesses, opportunities and threat in relation to their competitors
