GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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occurs when a company operates in a more efficient manner than its competitors, which causes their sales to increase above other businesses
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rivalry between two or more companies within the same industry
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a contractual agreement combining two businesses to execute a certain business undertaking
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agreements between companies or partners to reach objectives of a common interest
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a licensed property, trademark or concept to another entity by a business owner
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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: -A competitive advantage enables a company to perform better than its competitors. It refers to factors allowing a company to produce services or goods better or for less expense than the competition, which may generate more sales or higher profit margins.
Detailed explanation-4: -“Competitive advantage is a company’s ability to perform in one or more ways that competitors cannot or will not match.” “Cost is of no importance in setting the price. It only helps you to know whether you should be making the product.” “Don’t buy market share.
Detailed explanation-5: -The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances.