MANAGEMENT

Detailed explanation-1: -Competitive advantage is what makes an entity’s products or services more desirable to customers than that of any other rival.

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: -The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances.

Detailed explanation-4: -Product differentiation is fundamentally a marketing strategy to encourage the consumer to choose one brand or product over another in a crowded field of competitors. It identifies the qualities that set one product apart from other similar products and uses those differences to drive consumer choice.