The major types of competitive advantages include:
Cost competitive strategy
Focused differentiation strategy
Niche strategies
What is a Competitive advantage?
Competitive advantage is the ability of a company to outperform its rivals in both quality and price.
Competitive advantage benefits allow a successful business to outperform its rivals in the market in terms of sales and revenue margins.
Due to Competitive advantage, businesses routinely surpass their competitors.
Having a competitive advantage in business is feasible, whether it be through strong branding or carefully planned distribution networks.
In supermarkets, self-checkout lanes are a strategy for acquiring a competitive edge. Large cost savings can be passed on to customers using a self-checkout lane because of the new delivery method.
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