What is an example of competitive advantage in a sentence? (2023)

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What is an example of competitive advantage in a sentence?

He sought competitive advantage on the field, and at the turnstiles. Paying the public sector over the odds increases wages in cheaper regions, taking away their competitive advantage.

How do you use competitive advantage in a sentence?

Examples of competitive advantage

They improve their products, to gain competitive advantage. At the end of the day, my only source of competitive advantage is human capital.

What is a simple example of competitive advantage?

For example, if a company advertises a product for a price that's lower than a similar product from a competitor, that company is likely to have a competitive advantage. The same is true if the advertised product costs more, but offers unique features that customers are willing to pay for.

What is competitive advantage in your own words?

A competitive advantage is anything that gives a company an edge over its competitors, helping it attract more customers and grow its market share.

What is an example of competitive advantage response?

Competitive Advantage Example:

Zappos is like a rock star in customer service. They respond to customer emails at an unbelievably fast speed. They don't argue about returns. And they even shop at other stores for customers when they want something particular that is not in Zappos stock.

What is an example of advantage in a sentence?

He has/enjoys an unfair advantage over us because of his wealth. His plan has the advantage of being less expensive than other options. He lacked the advantages of an advanced education. Speed is an advantage in most sports.

What is a real life example of competitive advantage?

Three notable examples are: Walmart: Walmart excels in a cost leadership strategy. The company offers “Always Low Prices” through economies of scale and the best available prices of a good. Apple: Apple uses a differentiation strategy to appeal to its consumer base.

What is McDonald's competitive advantage?

McDonald's competitive advantages include consistent and reliable customer experience, cheap food prices, global presence, and the availability of a variety of meals and service channels.

What is an example of a competitive advantage quizlet?

A firm can achieve competitive advantage either by supplying an identical product or service at lower cost or by supplying a product or service that is differentiated in such a way that the customer is willing to pay a premium price.

What is competitive advantage for dummies?

Competitive advantage enables an organization to create greater value for itself and its shareholders rapidly. By outperforming competitors, a company can secure a stronger market position, increase market share, and enhance profitability, leading to long-term success.

What are competitive advantages and best be described as?

Competitive advantage can best be described as B) what sets an organization apart. Competitive advantage is gained through achieved differentiation, whether that differentiation is in the product, business model, or cost approaches. Increased efficiency is the result of competitive advantage.

What is the strongest competitive advantage?

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.

What is an example of competitive advantage and comparative advantage?

Competitive advantage refers to a company's ability to outperform its competitors. Comparative advantage is how a business lowers costs to gain leverage against its competitors.

What is an example of a competitive situation?

Within an industry, all businesses that offer the same products and services are in direct competition. For example, anyone who sells electronics is a direct competitor with other sellers of electronics. All media consulting firms are in direct competition with each other.

What is an example of competitive advantage and sustainable competitive advantage?

Examples of Sustainable Competitive Advantages

Strong brand reputation: Customers are more likely to choose companies like Coca-Cola, Nike and Apple because of their positive associations and perceptions. Intellectual property: Patents, trademarks and copyrights can give companies a sustainable competitive advantage.

What are examples of taking advantage of someone?

Putting you down and using sarcasm and critical comments to make you feel so inadequate that you give in to them. Playing the Victim. Using exaggerated complaints about their hardships to make you feel sorry for them so they get what they want. Feigning Ignorance or Confusion.

What is a positive sentence for advantage?

3, She had the advantage of a good education. 4, The treaty is to our advantage. 5, Her clever opening gambit gave her an early advantage. 6, You have the advantage of me in experience.

What are the three 3 strategies for competitive advantage?

The two basic types of competitive advantage combined with the scope of activities for which a firm seeks to achieve them, lead to three generic strategies for achieving above average performance in an industry: cost leadership, differentiation, and focus.

How do you create a competitive advantage in the workplace?

5 Ways to Gain a Competitive Advantage in Your Field
  1. Prioritize professional development. In whatever field you work, continued professional development is critical. ...
  2. Develop your personal brand. ...
  3. Join a professional association or network. ...
  4. Lean into challenges. ...
  5. Seek feedback, feedback, feedback.

What is Walmart's competitive advantage?

Low Prices

Walmart's primary competitive strategy is its Everyday Low Price (EDLP) approach. The company uses its massive buying power to negotiate the lowest possible prices with suppliers, passing the savings on to customers.

What is Chick Fil A competitive advantage?

Chick-Fil-A's business model to provide high-quality products with exceptional service at a premium price is greatly complemented by its operations. It has built a strong competitive advantage not only by creating a superior product, but also by superior customer service.

What gives Starbucks a competitive advantage?

Starbucks' competitive advantages include its flexibility, worldwide presence, exceptional consumer experience, adaptability, unique taste and quality as well as the vertical integration of its supply chain.

What is Coca Cola's competitive advantage?

Coca-Cola is recognized around the world as the leading beverage company. Its logo is synonymous with celebrations and happiness. But how have they managed to build this competitive advantage? Coca-Cola's competitive advantages are its branding, distribution network, and advertising budget.

What is an example of a competitive advantage in food business?

Lower Prices

Providing similar-quality food and drinks at a lower price can be a competitive advantage of large restaurants. The manager of a large establishment can buy items in greater bulk quantities at a discounted price.

What are the competitive advantages of Nike?

Nike's competitive advantages include a strong focus on innovation, a strong brand presence, effective marketing strategies, high-quality products, a strong financial position, a direct-to-consumer approach, an effective pricing strategy, and a loyal customer base.

What are 8 ways to achieve competitive advantage?

  • Reduce costs. ...
  • Raise barriers to market entrants. ...
  • Establish high switching costs. ...
  • Create new products or services. ...
  • Differentiate products or services. ...
  • Enhance products or services. ...
  • Establish alliances. ...
  • Lock in suppliers or buyers.

What is the competitive advantage of Amazon?

The main element of competitive advantage of Amazon is that it provides a great customer service experience, such as easy to operate, fast online order, smooth checkout, and stress-free returns. These factors made Amazon unique and have a competitive difference among all other competitors.

What is competitive advantage of restaurant?

Competitive advantage is an attribute, quality, or aspect of a restaurant's products, services, or environment that makes it a preferred choice for people when compared to other options (competitors), that is other restaurants.

What is a competitive advantage quizlet?

Competitive Advantage. Is a product or service that an organization's customers place a greater value on than similar offerings from a competitor. Supply Chain. All parties involved in making a new product.

Is competitive advantage good or bad?

Having a competitive advantage over your competition is essential to business success because: It can contribute to higher profit margins. It may help attract more customers more frequently. It helps maintain brand loyalty.

What is an example of a competitive strategy?

Example: Archibald Products is an online retailer of various household goods and uses a cost leadership strategy to maintain lower shipping costs for their customers and competitive production costs. The company purchases large quantities of the products it sells so that it can distribute them quickly to customers.

What company has benefited from competitive advantage?

The Leaders: Walmart and Amazon. Walmart's foremost trait is cost efficiency. If a price war were to break out tomorrow, this retail giant could outlast all its competitors. It can, therefore, maintain the lowest prices and attract those customers who base their buying decision primarily on price.

What are the four sources of competitive advantage?

Sources of Competitive Advantage
  • Product Attribute Differentiation. One way to gain an advantage over competitors is by differentiating your product from theirs. ...
  • Customers' Willingness to Pay. ...
  • Price Discrimination. ...
  • Bundled Pricing. ...
  • Human Capital.
Nov 10, 2020

What are two examples of competition that occurs in real life?

Types of Competition and Examples

Plants compete with each other for light exposure, temperature, humidity, pollinators, soil nutrients and growing space. Microbes compete for chemical substrates. Animals fight over territory, water, food, shelter and prospective mates.

What is an example of competitive behavior in business?

For example, a fountain pen company may ignore competition from jewellery companies because its definition may be product based than market based, in which case it would have considered itself a part of the gift market, and then competed with all products which can be given as gifts.

What are 5 examples of competition?

Give a 5 examples of competition
  • Large aphids vs smaller aphids in compete for cottonwood leaves.
  • Plants which are in compete for nitrogen in roots.
  • Cheetah and Lions as they both feed on preys.
  • Goats and cow dwelling on the same place.

How is competitive advantage best sustained?

If a company can provide high value and good quality without compromising on price, that can create a great sustainable advantage. If they can effectively harness economies of scale, then the competition cannot take their market share since their prices make them a provider of goods and services at low costs.

How do you use competition in a sentence?

There's been some fierce competition for the title. Young painters enjoyed the support and stimulating competition of peers. I have to change my approach, the competition is too good now. The deal would have reduced competition in the commuter-aircraft market.

Can a person have a competitive advantage?

A competitive advantage is the ability to stay ahead of your present or potential competition. People typically gain a competitive advantage by evaluating the strengths and weaknesses of their competitors and seeing how you could improve your own performance to obtain an advantage.

How does competitive advantage lead to success?

Introduction. Competitive advantage is the ability of a firm to produce Goods or Services of better value or better prices than its competitors. Customers are therefore attracted to such a firm, which then enjoys higher sales, profits and longevity.

How can I use make in a sentence?

[M] [T] I'm going to make a cake for Mary's birthday. [M] [T] He tried to make his wife happy, but couldn't. [M] [T] I asked her to make four copies of the letter. [M] [T] I checked to make sure that he was still alive.

What is a good example of competition?

An example is early social media companies—several new firms offered comparable services for virtually the same price. 3. Discount brands: There may be cheaper versions of the same product in supermarkets, such as cereal made by the different brands.

Why is it good to have a competitive advantage?

A competitive advantage can help a company to grow its market share, increase its profits, and expand into new markets. It can also help to protect a company from the threat of new entrants into its market. There are several ways in which a company can gain a competitive advantage. One way is through innovation.

Why are competitive advantage strategies important?

Having a competitive strategy is most important when a company has a competitive marketplace and several similar products are available for consumers. This strategy helps you create a defensive position in your industry, along with generating a superior return on investment.


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