Question: What Is Your Personal Competitive Advantage?

What is your competitive advantage?

Your competitive advantage is what sets your business apart from your competition.

It highlights the benefits a customer receives when they do business with you.

It could be your products, service, reputation, or even your location..

How do you write a competitive advantage?

Your statement of competitive advantage has four components: your name, your company, a statement about a problem in your market, and how you and your product solve that problem. Essentially, it is a 30-second statement explaining what differentiates your company in the marketplace.

What are the 5 areas of competitive advantage?

5 areas to drive competitive advantageMARKETING. How can your marketing team make claims about your product and the ability to deliver it without knowing the capabilities of your supply chain? … FINANCE. Here are two departments which ought to be so close their husbands and wives start to get jealous. … HUMAN RESOURCES. … LEGAL. … CUSTOMER SERVICE.

What is Porter’s definition of competitive advantage?

Competitive advantage is the leverage a business has over its competitors. … Michael Porter defined the two ways in which an organization can achieve competitive advantage over its rivals: cost advantage and differentiation advantage.

What makes a competitive advantage sustainable?

Sustainable competitive advantages are company assets, attributes, or abilities that are difficult to duplicate or exceed; and provide a superior or favorable long term position over competitors.

What is an example of competitive advantage?

Three great examples include: McDonald’s: McDonald’s main competitive advantage relies on a cost leadership strategy. The company is able to utilize economies of scale and produce products at a low cost and, as a result, offer products at a lower selling price than that of its competitors.

What gives Amazon a competitive advantage?

Amazon is known for offering free shipping and convenience, but it also provides a vast selection of products at competitive prices. No hassle returns, an easy checkout experience, and a huge repository of reviews also help make Amazon a go-to option for a growing number of consumers.

What are the three basic types of competitive advantage?

There are three different types of competitive advantages that companies can actually use. They are cost, product/service differentiation, and niche strategies.

What are the six factors of competitive advantage?

The six factors of competitive advantage are quality, price, location, selection, service and speed/turnaround.

What is the example of advantage?

The definition of advantage means anything that provides a more favorable position, greater opportunity or a favorable outcome. An example of an advantage is when a football team plays a game in their home stadium. Gain or benefit.

What are the key factors for competitive success and why?

Here are 7 Key Factors To Conquer Your Competitive AnalysisUnderstand Core Products and Services. Every successful business begins with a product or service. … Long- and Short-Term Market Trends. … Focus on the Right Competitors. … Focus on the Purpose of Your Competitive Analysis. … Be Flexible As Data Shows Popular Trends. … Don’t Respond Too Hastily to Competitive Analysis. … Move Forward.

What is competitive advantage theory?

Competitive Advantage theory suggests that everyone is better off if decisions are made based on the competitive advantage at all levels – national, corporate, local, and individual.