MANAGEMENT

Detailed explanation-1: -Competitive advantages are attributed to a variety of factors including cost structure, branding, the quality of product offerings, the distribution network, intellectual property, and customer service.

Detailed explanation-2: -There are three main types of sustainable competitive advantage: differentiation, cost leadership, and focus advantage.

Detailed explanation-3: -Non price competition will increase the demand for the product by shifting the demand curve to the right. Consumers are more willing to buy more of the good. This reduces the demand for competitiors products and so their demand curve shifts to the left.

Detailed explanation-4: -Marketing involves a range of approaches (based round the 4Ps), including product differentiation, advertising, promotion and distribution.