BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Answer and Explanation: False: The actions of rivals that affect a firm’s competitive advantage include, but are not limited to entry into the market, substitute products, and cost. A new firm’s entry into the market has a significant effect on a firm’s competitive advantage.

Detailed explanation-2: -A competitive advantage is what sets a business apart from its competitors. It is essential in order for a business to succeed, whether it’s by ensuring higher margins, attracting more customers, or achieving greater brand loyalty among existing customers.

Detailed explanation-3: -The purpose of having a competitive advantage is to distinguish a company from its competitors by offering something different and of superior value to its customers. Competitive advantage also means the business can outperform its competition in the market and make a higher profit.

Detailed explanation-4: -How Do I Know If a Company Has a Competitive Advantage? If a business can increase its market share through increased efficiency or productivity, it would have a competitive advantage over its competitors.

Detailed explanation-5: -Waste is not a competitive advantage.