A competitive advantage A. refers to actions taken by a firm with the sole intent of putting a competitor out of business. B. the cluster of benefits that an organization promises customers to satisfy their needs. C. the added value given to a product beyond the functional benefits provided. D. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. E. those characteristics of a product that make it superior to competitive substitutes.

Question

07-02-2020
Business

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A competitive advantage A. refers to actions taken by a firm with the sole intent of putting a competitor out of business. B. the cluster of benefits that an organization promises customers to satisfy their needs. C. the added value given to a product beyond the functional benefits provided. D. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. E. those characteristics of a product that make it superior to competitive substitutes.

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Answer:

The correct answer is letter "D": a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.

Explanation:

A Competitive Advantage is an advantage that a company has over its rivals. Essentially, a competitive advantage is what helps a company to earn profits from higher sales or margins, creating strong shareholder returns. Competitive advantage has two main types:

Comparative advantage refers to the ability of a company to manufacture a good or service at a lower cost compared to competitors. The other form is differential advantage which represents some unique feature in one product or service of a company that is different from its competitors.