what competitive advantages do you?
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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.
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Provides a Competitive Advantage If you're able to tap into an international market that your competitors aren't servicing, you can gain a competitive advantage by providing the products and services that consumers are demanding. ... Expanding overseas also helps to extend the life cycle of your products and services.
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['Creating a better future: ... ', 'Identifying strategic directions: ... ', 'Make Better business decisions: ... ', 'Business Longevity: ... ', 'Increasing market share and profitability: ... ', 'Avoiding competitive convergence: ... ', 'Financial benefits: ... ', 'Non-financial benefits:']
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Absolute advantage refers to lowering the production cost of a specific good in comparison to competitors. Comparative advantage specifically refers to the lower opportunity cost of production of specific goods in comparison to competitors.
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Key Takeaways. Absolute advantage is achieved when one producer is able to produce a competitive product using fewer resources, or the same resources in less time. Comparative advantage considers the opportunity cost when assessing the viability of a product, accounting for alternative products.
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['Improved public image. ... ', 'Increased brand awareness and recognition. ... ', 'Cost savings. ... ', 'An advantage over competitors. ... ', 'Increased customer engagement. ... ', 'Greater employee engagement. ... ', 'More benefits for employees.']
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['Understanding the Competition. ... ', 'Getting in Front of the Right Customer. ... ', 'A Unique Selling Proposition. ... ', 'Test Before You Leap. ... ', 'Public Relations and Media Involvement. ... ', 'The Product Life Cycle.']
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In this edited excerpt, Siebert digs into the details behind just what makes franchising a growth strategy you might want to consider. The primary advantages for most companies entering the realm of franchising are capital, speed of growth, motivated management, and risk reduction -- but there are many others as well.
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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.
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Your competitive advantage is not a list of your strengths. ... Your competitive advantage is what your organization does better than anyone else. The sustainable part refers to your ability to continue to do those things over a long period of time.
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['Better Fit. ... ', 'Salary and Benefits. ... ', 'Advancement Opportunities. ... ', 'Work-Life Balance. ... ', 'Better Use of Skills.']
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['Advantage: Cheap manpower. ... ', 'Advantage: Scalability. ... ', 'Advantage: Access to raw materials. ... ', 'Advantage: Access to distinctive skills. ... ', 'Advantage: Increase in productivity. ... ', 'Disadvantage: Quality problems.']
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An analysis of your strengths as a company include traits, capabilities and cultural elements that give you advantages over your competitors in serving your markets. Opportunities are potential areas for development or improvement that you may or may not have strengths to match.
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['An innovative business idea. If you want a shot at surviving, especially in a competitive industry, you need to determine what sets you apart from the other available options. ... ', 'The right talent. ... ', 'Your network. ... ', 'Hard work. ... ', 'Sales.']
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Joining an association provides members with a competitive advantage because they become active, informed members within their industry. Many association members who lead busy professional lives depend on their association to brief them on important industry trends, new legislative rulings, and advances in technology.
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['Support Competitive Advantage & Decision making.', 'Support Business Decision Making.', 'Support of Business Processes and Operations.']
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Sustainable competitive advantages are company assets, attributes, or abilities that are difficult to duplicate or exceed; and provide a superior or favorable long term position over competitors.