Competitive Advantage Flashcards
What is Competitive advantage?
A unique advantage a company has over other companies offering similar goods or services
What does the term “differentiate yourself from your competitors” mean?
It means find your competitive advantage through a detailed process.
What is Cost-based advantage?
When all else is the same between products, but one product is cheaper despite being the same.
What is it called when all else is the same between products, but one product is cheaper despite being the same?
Cost-based Advantage
What is Advantage from a differentiated product/service?
When a product is different from others in a way that customers appreciate such as a more ethical approach, quieter functioning etc.
What is it called when a product is different from others in a way that customers appreciate?
Advantage from a differentiated product/service
What is First-Mover Advantage?
When the first business to adopt a new product/approach may draw some advantage because it was the first.
What is it called when the first business to adopt a new product/approach may draw some advantage because it was the first.
First-Mover Advantage
What is Time-Based Advantage?
When time to deliver products or services is shorter than competitors eg. faster delivery.
What is it called when time to deliver products or services is shorter than competitors.
Time-Based Advantage
What is Technology-Based Advantage?
When a company’s technology allows their products to be used more efficiently or easily by the customer.
eg. Samsung is faster than apple
What is it called when a company’s technology allows their products to be used more efficiently or easily by the customer.
Technology-Based Advantage
