ENTREPRENEURIAL OPPORTUNITIES
IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following factors could give a business a competitive advantage?
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Price
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Customer convenience
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Experience of the customer
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Product differentiation
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Time
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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.