BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is one way a business can gain a competitive advantage?
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by offering consumers a worse quality product
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by charging a higher price for a product
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by doing what everyone else is doing in the market
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by creating something entirely new for the market
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Explanation:
Detailed explanation-1: -By offering a unique product with a totally unique value proposition, businesses can often convince consumers to pay a higher price which results in higher margins.
Detailed explanation-2: -The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances.
Detailed explanation-3: -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.
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