ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Distinguish the venture from competitors
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Achieve superior performance in the industry
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Provide necessary attributes to outperform competitors.
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Produce a product and develop a production method that can hardly be copied by competitors
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Detailed explanation-1: -Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. These factors allow the productive entity to generate more sales or superior margins compared to its market rivals.
Detailed explanation-2: -A competitive advantage is anything that gives a company an edge over its competitors, helping it attract more customers and grow its market share. A competitive advantage can take three primary forms: Cost advantage–producing a product or providing a service at a lower cost than competitors.
Detailed explanation-3: -competitive advantage. refers to the strategic position and condition of the entrepreneurial venture.
Detailed explanation-4: -A competitive advantage sets a company apart from its competitors, and sets distinctions to the customer. Prices, brand loyalty, culture, product design, and overall strategy are all informed by competitive analysis. The competitive advantage empowers your business to grow, even as your competition innovates.