Competitive advantage today isn't a matter of lowering costsanybody can slash prices. Advantages of Competition C. Increased Efficiency of the organization D. Stand out the organization Useful: A company must know what its product or service provides. 9. B. what sets an organization apart. 4.3 Value Disciplines and Business Models. Michael Porter is an American economist, professor and researcher at Harvard University. This is where creativity and innovation in the service of growth come into play. Firm resources can be defined as 'all assets, capabilities, organizational processes, firm attributes, information and knowledge controlled by a firm that enables it to improve its efficiency and effectiveness'. The threat of substitution is when your customers find something that is similar to what you do. B. what sets an organization apart. Question 1 of 20 5.0 Points Competitive advantage can best be described as: A. increased efficiency. It is the force that enables a business to have greater focus, more sales, better profit margins, and higher customer and staff . Answer: A. increased efficiency. It takes very little to destroy it. Strategic pricing. D. intangible resources. C. a strength of the organization. 2. Competitive advantage can best be described as: a. increased efficiency. b. what sets an organization apart. A) protecting citizens from unfair labor practices B) encouraging imports to prevent resource depletion C) promoting exports to enlarge gold and silver holdings D) ensuring sufficient labor for low-wage jobs in the textile industry C 12) Which of the following was harmed the most by mercantilist policies? 4. The more sustainable the competitive advantage, the more difficult it is. Question 2. There are many different types of sustainable competitive advantages which are listed as below: 1) Powerful Brand: Having a strong powerful brand can help in many ways. The competitive advantage is the most important part of the strategy statement. The first is a company's ability to transfer skills or expertise among similar value chains. substitution. long term based on the role of strategic leadership. 5. design or innovation capabilities. Perfect Competition in The Market B. Competitive advantage can best be described as: * what sets an organisation apart. And what they can affect in the market It must offer real cost and cause interest. Before a competitive advantage can be established, it is important to know the: 1. With that in mind, here are a few strategies that can help promote innovative thinking: 1. Advantages of Competitive Marketing strategies. Question 2 of 20 5.0 Points Which one of the following factors is considered to make an organization's resources unique? Defining the competitive advantage. 2. A firm is described as having a competitive advantage when it successfully attracts more customers, earns more profit, or returns more value to its shareholders than rival firms do. They further discuss the four steps companies like Blackberry need to take to achieve a . However, it is not information technology that gives a company a competitive advantage; it's the way they use information technology that makes the difference. Companies can use cost leadership, differentiation, and focus to give them a competitive . Competitive advantage can best be described as a Competitive advantage can best be described as _______ A. The term competitive advantage refers to the ability gained through attributes and resources to perform at a higher level than others in the same industry or market (Christensen and Fahey 1984, Kay 1994, Porter 1980 cited by Chacarbaghi and Lynch 1999, p. 45). B. what sets an organization apart C. a strength of the organization. Which one of the following factors is considered to make an. intangible resources. Managers cannot successfully plan to . Meaning. A. Durability B. Imitability C. Quality D. Efficiency Question 3 B. what sets an organization apart. Delivering products and services that are high quality in the eyes of customers. A good brand is invaluable because it causes customers to prefer the brand over competitors. This temporary nature is attributed to the advantage. OMCQ Team. I hope it helps. Long-term strategy. 5. the relationship between culture and national competitive advantage can best be described as: the norms and values of a country influence costs of doing business in that country there is no relationship between culture and national competitive advantage culture drives government structure not competitive advantage norms and values of a country The primary differences between Competitive Advantage and Core Competence are given hereunder: Competitive Advantage can be understood as the specific feature, which helps the firm to outrun its rivals at the market place. "Competitive advantage" refers to the attributes that allow an entity to succeed over its competitors. Competitive advantage can best be described as: A. increased efficiency. In some cases, it can also be cheaper and a little better than your services. 34. . exploitation. A company can have one or more organization-wide core competencies, such as the following: product quality. The primary differences between Competitive Advantage and Core Competence are given hereunder: Competitive Advantage can be understood as the specific feature, which helps the firm to outrun its rivals at the market place. It would help gain the customer loyalty such that even if the products offered are not cheaper/better than the competitors, the customers will prefer the brand. . al,), competitive advantage is described as, "The ability of one organization to outperform other organizations because it produces desired goods or services more efficiently and effectively than competitors do" (pg. It describes how the choice of competitive scope, or the range of a firm's activities, can play a powerful role in determining competitive advantage. According to (Jones et. Evaluate Your Current Differentiators in the Context of Future Goals Innovation isn't a standalone advantage. Through his activity positioning framework, Porter prescribed that firms can achieve competitive advantage through three positioning strategies: variety-based, needs-based and access-based. D. intangible resources. increased efficiency. Factors that can limit the threat of new entrants are known as barriers to entry. In this situation it is unlikely that . C. a strength of the organization. The competitive advantage perspective that focuses on structural forces within an industry, the competitive. Reset Selection Mark for Review What's This? Select correct option: Technology . The study of this advantage has attracted profound research interest due to . d) The physical assets of the organization. Michael Porter described the theory in his 1985 book Competitive Advantage: Creating and Sustaining Superior Performance. This means that businesses must find ways to attract customers to their products and away from competitors' products. The preview shows page 1 - 3 out of 8 pages. D. intangible resources. Walmart. NoSQL databases offer improved performance, spur ecommerce innovation, may be less expensive than other options, and could improve management of big data. C. a strength of the organization. It's not a matter of hiring "better" people, although the human element is certainly a factor. a strength of the organisation. B) what sets an. b. what sets an organization apart. New research on competitive advantage from Harvard Business School faculty on issues including the economic damage caused by America's political dysfunction, the importance of a strong manufacturing sector, and how collaboration serves as a new and important source of competitive advantage. 8. A. Durability. On the contrary, core competence is defined as the set of skills and strength, that results in a competitive advantage. Competitive advantage can best be described as: A. increased efficiency. This is typically done by evaluating strengths and weaknesses of competitors and seeing where you can fill in the gap or step up and improve. Strategy is the process of planning and implementing actions that will lead to success in competition. Financial liquidity. The ability to optimize risk-reward by identifying and controlling risks. Innovation is the [] Having a solid long-term strategy, as well as the ability and resources to execute it, can definitely give you a significant competitive advantage in front of your competitors. and follow me. The competitive advantage of Michael Porter states that there are three main ways to position yourself in the market above competitors: lower prices, differentiation and focus. C. a strength of the organization. buying power. The analytical tools we discuss here are part of the strategic planning process. Philosophy . Core competence, on the other hand, is a combination of skills and strengths possessed by the company that offers it a competitive advantage in the market. C) a strength of the organization. Competitive advantage can best be described as: A. increased efficiency. Often there are multiple factors that combine to create competitive advantage, such as: Product quality. Question: Competitive advantage can best be described as: A. increased efficiency. Directly involved in the production and delivery of the product or service. The company's competitive advantage strategy is especially attractive for price sensitive customers. such as loyalty schemes, free food, in-flight entertainment, airport lounges, premium cabin, etc. 4 competitive strategy are as follows: Cost Leadership Strategy or Low-cost strategy. Key Takeaways. Which one of the following factors is considered to make an. The essential complement to the pathbreaking book Competitive Strategy, Michael E. Porter's Competitive Advantage explores the underpinnings of competitive advantage in the individual firm. If you look at all the aspects of their business, it can be said that they have no direct competitors based on the industry they operate in and based on the product . Global competitive advantage will mean having the best technologies and processes for designing, manufacturing, selling and servicing products at the lowest possible cost. increased efficiency. The fewer the buyers, the more power they have. Competitive advantages generate greater value for a firm and its shareholders because of certain strengths or conditions. Porter's Diamond is a model that is often used . It . The second is the ability to share activities. A business modeland a company's principal value proposition in particularis shaped by the firm's underlying value creation strategy or value discipline A statement of strategic focus that describes different ways a firm can differentiate itself from competitors., a term coined by Michael Treacy and Fred Wiersema to describe different ways . D. intangible resources. Next on our list of Cost Leadership examples is Walmart. 1. Competitive advantage can best be described as: - 22137411 uk072260 uk072260 04.09.2020 Business Studies Secondary School answered 7. Which component of a mission statement addresses the firm's distinctive competence or major competitive advantage? Those activities that support the production, marketing and delivery of the product or service. c. a strength of the organization. B. what sets an organization apart. B. what sets an organization apart. Some call this advantage similar to a protective moat that . b. economies of scale in the industry are high. B. what sets an organization apart. An organization has competitive advantage in the markets in which it competes but its culture is rather inwards looking and complacent. Some examples . 1. To define the competitive advantage: State the customer value proposition. A Competitive Advantage must be unique: think about what detail makes your business different from any other. Market Aim: long term. This book describes how a firm can gain a cost advantage or how it can differentiate itself. Answer. A company gains competitive advantage by providing a product or service in a way that customers gain more value than with a competitor. "Competitive advantage" is a term that is usually used in business, but it can apply to countries, organizations, and individuals, too. A firm achieves a competitive advantage by adding value to its products and services or reducing its own costs more effectively than its rivals in the industry. C. a strength of the organization. D. intangible resources. d. capital requirements in the industry are high. size. 4. The two broad strategies for building a competitive advantage are the ____ strategies. Subscribe to updates Unsubscribe from updates . according to the guerrilla-based view, a firms competitive advantage is temporary true globalization is one of the driving forces in the twenty-first century business environment true technology has significantly impacted how a creative idea is turned into a product or process that can be used or sold true 2. B. what sets an organization apart. D. intangible resources. Core pharmacy practice competencies of individuals and firms associated with competitive advantage have been described in the literature (Table 2).18,19,23,27,28 Firm resources and firm capabilities can be thought of as the strengths and weaknesses portion of a SWOT analysis that describes the things about a firm most likely to be a competitive . D) intangible resources. Competitive advantage can best be described as: A. increased efficiency. Businesses can use technology to gain competitive advantage and increase on their (ROI) return on investment. Microsoft Corporation ( MSFT ), one of the largest companies in the world, thoroughly understands how to build a competitive advantage. D.. b) Something that an organization owns or controls that cannot be copied. Competitive advantage can be defined as strategies, skills, knowledge, resources and competencies that differentiate a business from its competitors (Wang, 2009). 2. Select correct option: Mission statements Annual objectives Strategies Vision statement . Quality. Being the market leader and having a great corporate reputation can be part of a powerful brand and a competitive advantage (i.e. Competitive advantage is a particular feature or aspect of a company that makes it stand out from the rest of the companies in the market. And others! To investigate why nations gain competitive advantage in particular industries and the implications for company strategy and national economies, I conducted a four-year study of ten important . 1. A business is driven by five major forces and these include; (1) Buyer power, (2) Supplier power, (3) Threat of substitute products or services, (4) Threat of new entrants, (5) Rivalry among existing competitors. Customers . Reply . But the more the buyers, your power increases. The basis was formed by three strategies, namely cost leadership, differentiation and focus. Also, it must be difficult to imitate. Sustainable competitive advantage is the key to business success. 2. D. intangible resources. Competitive advantage can best be described as; the reason a firm is selected by the consumers over its competitors the way a firm adds to corporate profits underlying the firm's differentiation a way to focus on the consumers tastes and preferences Expert Answer Competitive advantage is obtained by any ci company by obtai View the full answer Question 2 of 20 Which one of the following factors is considered to make an organization's resources unique? Companies develop a competitive edge when they produce attributes that allow them to . According to the guerrilla view of competitive advantage, the state of an organization's competitive advantage is: (Points: 5) temporary. C. a strength of the organization. at best (Mata et al., 1995). Competitiveness means that companies are looking at each other for ideas to copy or improve. sales and marketing ecosystem. Question 2 Which one of the following factors is considered to make an organization's resources unique? . New entrants to an industry are more likely when (i.e., entry barriers are low when) a. it is difficult to gain access to distribution channels. Which of the following can be best described as short-term in nature? Innovation . Question 1 Competitive advantage can best be described as: A. increased efficiency. 34. 2. c) Something that an organization owns, controls or has access to on a semi-permanent basis. Two business units, for example, can share the same . Question 3. c. a strength of the organization. Competitive advantage can best be described as: a. increased efficiency. customer-centric omnichannel support. Determining firm's strategic direction, managing firm's resource portfolio, sustaining an effective organizational culture, emphasizing ethical practices and establishing balanced organizational control are the 5 major components of: a) effective corporate-level strategies. Competitive Advantage Example - 1. A SWOT analysis can be described best as. Competitive Advantage introduces a whole new way of understanding what a firm does. Market positioning. It takes a large investment in time and money to build a brand. 1. It describes the logic of why you will succeed, how you differ, or what you are doing better than the competition. The key concepts within this view are therefore Firm Resources and Sustainable Competitive Advantage. Porter's Generic Strategies Video (1-Minute Skill Booster) All these five forces will [] Porter has published a series of works framed in the field of business strategy . The Generic Strategies state that competitive advantage can be achieved through either cost leadership, differentiation, or a focused mix of the two. 47). Rather, it strengthens existing advantages. There are two basic types of competitive advantage: cost leadership and differentiation. The Original Porter's Five Factors for competitor advantage and competitive advantage: Michael Porter's Factor 1) Threat of New Entrants - The easier it is for new companies to enter the industry, the more cut-throat competition there will be. 33. Competitive advantage can best be described as A) increased efficiency. Tesla is a company that produces luxury cars and high-tech technology. Explain why customers should buy your . Porter Diamond, also called the Porter Diamond Theory of National Advantage, is a theoretical model designed by Porter to help analyze the competitive advantage that a company has due to certain regional factors and suggest how governments can act as catalysts to improve productivity and growth. Businesses need to use information technology innovatively. He divided the latter into cost focus and differentiation focus. Question 1 of 20 Competitive advantage can best be described as: A. increased efficiency. Question 2. . Risk Management. Report View more MCQs in Advanced Strategic Management solved mcqs Dowload our McqMate App Discussion b) effective strategic leadership. Competitive advantage occurs only when there is a situation of resource heterogeneity and resource immobility. Bowman Strategy Clock. The definition of competitive advantage is defined as the ability to stay ahead of present or potential competition. Which one of the following factors is considered to make an organization's resources unique? Best to you. To gain lasting global competitive advantage a company has to leverage its capabilities around the world so that the company as a whole is greater than sum of its parts. B) what sets an. Porter's groundbreaking concept of the value chain disaggregates a company into "activities," or the discrete functions or . a concise overview of the firm's strategic situation. In the context of strategic management resources can be defined as: a) The knowledge and skills within the organization. Download competitive advantage can best be described as Mark for Review What's This? duplication and substitution. Distribution networks. Which one of the following factors is considered to make an organization's resources unique? D. intangible resources. Coca-Cola (KO). C. a strength of the organization. Threat of Substitution -. Imitability of a resource can occur through: (Points: 5) duplication. plzzz mark me as brainliest. They are cost, product/service differentiation, and niche strategies. E) aggressive research and de. B) what sets an organization apart. cost-based and differentiation-based. In short, your ecommerce business's next competitive advantage could be your database. Ryanair competitive advantage would be analysed using two models namely; Porters Generic Strategy. Part 1 of 1 - Question 1 of 20 5.0 Points Competitive advantage can best be described as: A. increased efficiency. Differentiation strategy. Customer service. For example, a few years ago you might have been able to . On the contrary, core competence is defined as the set of skills and strength, that results in a competitive advantage. Access to deeper financial resources than the competition can be a major advantage in capital intensive industries. Reputation. In addition to these, there are also other strategies that a company can employ when deemed necessary, such as strategic alliance, collaborative partnerships, merger, acquisition, vertical integration, outsourcing strategies, etc. Competitive advantage can best be described as: - 22137411 uk072260 uk072260 04.09.2020 Business Studies Secondary School answered 7. Competitive advantages are slippery things. Mark Michaels is the owner of Delectable Delights, a specialty store offering chocolates, candies, and fruit baskets. Explanation: Competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. A. Durability. Let us look at an example of competitive advantage, Tesla Incorporation. C. a strength of the organization. automated workflows and processes. The last on our list of competitive advantage examples is having a good financial liquidity. Question: Competitive advantage can best be described as A) increased efficiency. B. what sets an organization apart. c. product differentiation in the industry is low. [Solved] Competitive advantage can best be described as: Home Master of Commerce (M.com) Advanced Strategic Management Competitive advantage can best. Competitive advantage can best be described as A) increased efficiency. Cost leadership examples #2: Walmart. 7. A. Durability B. Imitability C. Quality D. Efficiency