Competitive advantages are attributed to a variety of factors including cost structure, branding, the quality of product offerings, the distribution network, intellectual property, and customer service .
What are the 4 factors of competitive advantage?
The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances .
What are the 6 factors of competitive advantage?
The six factors of competitive advantage are quality, price, location, selection, service and speed/turnaround .
What are the 5 factors of competitive advantage?
- Economies of scale: Scale of business stands for the size. ...
- Locational advantages: ...
- Raw-materials: ...
- The strength of maintenance: ...
- Production and post-production facilities: ...
- Inventory norms:
What are the factors affecting competitiveness?
- Relative inflation rates.
- Exchange rates.
- Real exchange rate.
- Labour productivity.
- Education.
- Institutional factors – Do countries have sound monetary policy and efficient tax collection networks?
- Level of crime and corruption. ...
- Financial system – Levels of access to finance.
What are some examples of competitive advantage?
- The team.
- Unique access to technology or production methods.
- A product that no-one else can offer (protected by IP law or patents, etc.)
- Ability to produce and sell at a lower cost (known as cost leadership)
- Brand and reputation.
What are competitive factors?
Competitive factors are the skills and capabilities that differentiate a firm from its competitors . As a prerequisite to any strategic planning, these competitive factors must first be identified and evaluated as to their relative importance to achieving a firm’s strategic goals.
How do you gain competitive advantage?
- Create a Corporate Culture that Attracts the Best Talent. ...
- Define Niches that are Under-serviced. ...
- Understand the DNA Footprint of Your Ideal Customer. ...
- Clarify Your Strengths. ...
- Establish Your Unique Value Proposition. ...
- Reward Behaviors that Support Corporate Mission and Value.
What are the three basic types of competitive advantage?
There are three different types of competitive advantages that companies can actually use. They are cost, product/service differentiation, and niche strategies .
What is the goal of competitive intelligence?
For any group, the goal of competitive intelligence is to help make better-informed decisions and enhance organizational performance by discovering risks and opportunities before they become readily apparent .
What are two sources of competitive advantage?
A competitive advantage may include access to natural resources , such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology.
What are the competitive factors of an enterprise?
From a microeconomics perspective, competition can be influenced by five basic factors: product features, the number of sellers, barriers to entry, information availability, and location .
What are the sources of competitive intelligence?
- Competitor websites. Your website is the window to the world. ...
- Annual reports. ...
- Premium databases. ...
- Syndicated reports/ analyst reports. ...
- Primary research. ...
- Social media. ...
- Patent databases.
What are the factors that influence the intensity of rivalry?
- Numerous or equally balanced competitors. ...
- Slow industry growth. ...
- High fixed or storage costs. ...
- Lack of differentiation or switching costs. ...
- Capacity increased in large increments. ...
- Diverse competitors. ...
- High strategic stakes. ...
- High exit barriers.
What are the factors affecting microeconomics?
- The Impact of Customers. ...
- Availability of Employees. ...
- Distribution Channels and Suppliers. ...
- Level of Competition. ...
- Availability of Investors. ...
- Media and the General Public.
What factors can influence market area determination?
- Number of Buyers and Sellers: ...
- Nature of the Commodity: ...
- Freedom of Movement of Firms: ...
- Knowledge of Market Conditions: ...
- Mobility of Goods and Factors of Production:
