7 Questions
What is competitive advantage?
When a company produces goods or services better than its competitors
What are some drivers of cost advantage?
High asset utilization and low downtime
What must a true competitive advantage be?
Long-lasting, hard to copy, and something the company controls
What are some drivers of differentiation advantage?
Complexity and personalization
What is economies of scale?
When a company produces at a high volume, it can achieve lower unit costs
What is product design that reduces cost?
Companies can design products that are easy to mechanize, automate, and scale up production, which reduces costs
What are some examples of commodities that are less easy to differentiate?
Salt, municipal water, and petroleum
"Discover Your Competitive Edge: Test Your Knowledge on Competitive Advantage" This quiz will test your understanding of what competitive advantage is and how it can benefit a company. From identifying the various sources of competitive advantage to understanding how it can shape a company's reputation, this quiz will challenge your knowledge on this essential business concept. Perfect for business students, entrepreneurs, and anyone looking to sharpen their understanding of competitive advantage.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
