ENTREPRENEURSHIP

ENTREPRENEURIAL OPPORTUNITIES

IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of the following factors could give a business a competitive advantage?
A
Price
B
Customer convenience
C
Experience of the customer
D
Product differentiation
E
Time
Explanation: 

Detailed explanation-1: -The three main types of competitive advantages are differentiation, cost advantages, and focus advantages.

Detailed explanation-2: -A competitive advantage may stem from the user experience-that is, a better, more affordable or more enjoyable product-or it may be another tangible or intangible asset, such as the intellectual property or the customer service team.

Detailed explanation-3: -Cost-based advantage. This is the most obvious way of achieving competitive advantage. Advantage from a differentiated product or service. First mover advantage. Time-based advantage. Technology-based advantage.

There is 1 question to complete.