Asked by: Aldemar Rahtgeasked in category: General Last Updated: 1st June, 2020
What is the importance of competitive advantage?
Also question is, what do you mean by competitive advantages?
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.
Also, is it important to be competitive and why? Competition is important to your business because it enables you to identify your specific and unique traits that are appealing to customers. Identifying and harnessing these traits will enable you to market your business more effectively and bring in new customers.
Just so, why sustainable competitive advantage is important?
Sustainable competitive advantage is the key to business success. It is the force that enables a business to have greater focus, more sales, better profit margins, and higher customer and staff retention than competitors.
What are the advantages of competition?
The advantage of having market competition is that companies are always adding value to their product. They can either increase the quality of the product, or they can decrease the prices. In either of the cases, the products become more desirable to the customer and they feel that it is a value for money product.