Definition of Competitive advantage:
A condition or situation that puts the company in a favorable or high trading position.
Competitive advantage refers to the factors that allow a company to produce better or cheaper goods or services than its competitors. These factors allow a manufacturing company to generate more sales or higher margins than its competitors in the market.
When an organization gains, it can offer the same price to its competitors, but at a lower price, or by offering a higher price by differentiation, it can demand a higher price. Competitive advantage is gained by combining core competencies with opportunities.
Competitive advantage is attributed to a number of factors, including cost structure, brand, quality of product offerings, distribution network, intellectual property, and customer service.
How to use Competitive advantage in a sentence?
- The biggest advantage of this is that the company's products are seen as unique and of high quality compared to competitors.
- I felt that dressing the team like characters would give us a competitive advantage because people love characters.
- Expansion is necessary to maintain competitive advantage.
- We are fortunate to have a competitive advantage in the market which allows us to be number one in sales.
- The comparative advantage is the company's ability to produce something more efficiently than its competitors, resulting in higher profit margins.
- Competitive advantage makes a company's products or services more attractive to consumers than other competitors.
- When you have a group of intelligent people, you have a competitive advantage when it comes to strategy.
- Competitive advantage can be divided into comparative advantage and privileged advantage.
Meaning of Competitive advantage & Competitive advantage Definition