Explore the World of Competitive Advantage
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Questions and Answers

What is competitive advantage?

  • When a company produces goods or services better than its competitors, making them more profitable and reputable (correct)
  • The ability of a company to distinguish its product or service from that of its competitors in a way that is valuable to customers
  • The ability of a company to achieve high asset utilization and low downtime due to breakdowns
  • The ability of a company to produce goods or services at a lower cost than its competitors
  • What is cost advantage?

  • The ability of a company to produce goods or services at a lower cost than its competitors (correct)
  • When a company produces goods or services better than its competitors, making them more profitable and reputable
  • The ability of a company to achieve high asset utilization and low downtime due to breakdowns
  • The ability of a company to distinguish its product or service from that of its competitors in a way that is valuable to customers
  • What are some drivers of differentiation advantage?

  • Economies of scale and scope
  • Product design that reduces cost
  • Creativity and innovation (correct)
  • Proximity to raw materials
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