The Nature and Sources of Competitive Advantage Flashcards
1
Q
What is strategic innovation?
A
Creating customer value from new products, experiences or mode of delivery
2
Q
What are examples of strategic innovation?
A
- creating new markets
- creating new customer segments
- new sources of competitive advantage
3
Q
What is a competitive advantage?
A
A condition which allows a firm to earn higher rate of profit
4
Q
What is a cost advantage?
A
Similar product at a lower cost
5
Q
Differentiation Advantage?
A
Price premium for a unique product
6
Q
Draw Porter’s Generic Strategies of Competitive Advantage
A
