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This 6-page paper provides a reflection of competitive advantage outside the business setting. Bibliography lists 7 sources.
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6 pages (~225 words per page)
File: AS43_MTanlycoad.rtf
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it "better" in the eyes of a customer; and as a result, the customer will prefer buying from this company, versus buying from a competitor. Competitive advantage, so the business
literature states, is something that a business can do to differentiate itself from another business in the same industry. But competitive advantage
isnt just a business concept (though most of the literature focuses on how organizations can use competitive advantage as a tool for differentiation). This is also a concept that can
be transferred to other arenas, such as someones personal life. What is Competitive Advantage? There are a variety of definitions of
this term; the most simplistic being that competitive advantage is a situation in which a company is more efficient (or produces higher quality products) than other companies with which it
competes in the market (Competitive Advantage, 2009). Other, more in-depth definition focus on competitive advantage in relationship to Michael Porters "four
forces," or business strategies that could be adopted to gain the competitive advantage (Competitive Advantage - Definition, 2009). These forces would be differentiation, cost leadership, differentiation focus and cost focus
(Competitive Advantage - Definition, 2009). Gerald Flint (2000), in his long treatise about the meaning of competitive advantage points out, however,
that the concept seems to be used, even when organizations and people have no clue as to what it might mean. He also pointed out other aspects of competitive advantage
that were important, such as customer perception and returns as an important aspect of competitive advantage (2000). Furthermore, customer perception, especially these days, due to social networking sites, blogs and
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