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It is anything that a firm does especially well compared to rival firms?
competitive advantage
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 essential elements of the basic competitive model?
rational, self interested consumers rational, profit maximizing firms competitive markets with price taking behavior
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.
How firms compete with each other and how they attain and sustain competitive advantage is the essance of what type of management?
The essence of how firms compete and achieve sustainable competitive advantage falls under strategic management. This field focuses on the formulation and implementation of major goals and initiatives, taking into account resources and the external environment. By analyzing competitors, market trends, and internal capabilities, firms can develop strategies that differentiate them and create value. Ultimately, effective strategic management enables organizations to adapt and maintain their competitive edge over time.
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.
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 essential elements of the basic competitive model?
rational, self interested consumers rational, profit maximizing firms competitive markets with price taking behavior
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.
How firms compete with each other and how they attain and sustain competitive advantage is the essance of what type of management?
The essence of how firms compete and achieve sustainable competitive advantage falls under strategic management. This field focuses on the formulation and implementation of major goals and initiatives, taking into account resources and the external environment. By analyzing competitors, market trends, and internal capabilities, firms can develop strategies that differentiate them and create value. Ultimately, effective strategic management enables organizations to adapt and maintain their competitive edge over time.
