What is competitive advantage in management?
Likewise, what is a competitive advantage in business?
A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices.
In this manner, what do you mean by competitive advantages?
Competitive advantages are conditions that allow a company or country to produce a good or service of equal value at a lower price or in a more desirable fashion. These conditions allow the productive entity to generate more sales or superior margins compared to its market rivals.
There are three different types of competitive advantages that companies can actually use. They are cost, product/service differentiation, and niche strategies.