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Questions and Answers
What is competitive advantage?
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?
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?
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
