ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of following statements best describes the term, competitive advantage?
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When there is only one supplier of products in the marketplace
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When a business has a marketing mix that enables it to be more successful than its rivals
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The amount of competition that exists within a market
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When a business tries to increase sales by lowering its selling prices
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Explanation:
Detailed explanation-1: -Defining the competitive advantage The competitive advantage is the most important part of the strategy statement. It describes the logic of why you will succeed, how you differ, or what you are doing better than the competition.
Detailed explanation-2: -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.
There is 1 question to complete.