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Of what benefit to consumers is a firm's competitive advantage?
Wiki User
∙ 13y ago
Having a competitive advantage might mean inventing a new product; providing the best quality, the lowest prices, or the best customer service; or having cutting-edge technology.
Wiki User
∙ 13y ago
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It is anything that a firm does especially well compared to rival firms?
competitive advantage
What are the essential elements of the basic competitive model?
rational, self interested consumers rational, profit maximizing firms competitive markets with price taking behavior
The concept of competitive advantage in business organizations?
A Competitive advantage describes the ability of a firm to be better at something than all other firms in that industry. This advantage allows the firm to differentiate their product/themselves by being 'better' than their competition. Not to be confused with comperative advantage, which focuses on a firms ability to be better at something COMPARED to another firm.
What are the advantages and disadvantages of price discrimination to consumers and producers?
An advantage to price discrimination to producers is that firms will be able to increase sales. A disadvantage to consumers is that it can cause things to cost more.
Why Japanese Firms tend to be so competitive?
Japanese firms are competitive because they want to make a profit. They typically do this by expanding outside of Japan.
Is licensing proprietary technology to foreign competitors is the best way to give a firms competitive advantage?
Licensing proprietory technology to foreign competitors is the bes way to up a firms competitive advantage discuss
It is anything that a firm does especially well compared to rival firms?
competitive advantage
What does competitive advantage have to do with strategic planning?
Competitive Advantage is vital to Strategic planning. Strategic planning identifies strengths and weaknesses and visions and missions for the future. Competitive advantage relys on the benefits of the companies strengths and act upon them to turn them into competitive advantage. Other firms can't duplicate strategy or competivness that they don't have.
How does competition among firms benefit consumers?
If you have competition between two competing firms they both must offer good service or product with competitive price. Another way to increase sales in a competitive market it to add "features" that customers want, such as free shipping, extended warranties, improved reliability, and so forth, all of which will benefit at least some of the consumers. When the marginal costs for thousands of "extras" approaches zero, the markets are flooded with goods having "features" that either nobody wants or nobody is willing to pay for.
What are the essential elements of the basic competitive model?
rational, self interested consumers rational, profit maximizing firms competitive markets with price taking behavior
The concept of competitive advantage in business organizations?
A Competitive advantage describes the ability of a firm to be better at something than all other firms in that industry. This advantage allows the firm to differentiate their product/themselves by being 'better' than their competition. Not to be confused with comperative advantage, which focuses on a firms ability to be better at something COMPARED to another firm.
How do small firms survive?
Small firms survive by producing quality products. They also leverage any other competitive advantage they may have in the industry.
How do firms benefit from credit purchases?
They can charge extra money for the credit and encourage consumers to spend more.
When a resource or capability is valuable rare costly to imitate and nonsubstitutable firms may obtain?
complex competitive advantage
Should firms behave ethically?
Firms should behave ethically if they wish to retain the trust of their customers and shareholders. Companies that behave ethically have a competitive advantage in terms of branding and reputation.
What are the advantages and disadvantages of price discrimination to consumers and producers?
An advantage to price discrimination to producers is that firms will be able to increase sales. A disadvantage to consumers is that it can cause things to cost more.
What competitive environmental forces influence the firms strategy?
The competitive environmental forces influence the firms customers, rival firms, new entrants, substitutes, and supplies.
