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Essay / Research Paper Abstract
This 3 page paper looks at concept of competitive advantage and considers the way in which a firm may build the foundation to gain and then maintain a competitive advantage, looking at both cost advantage and differentiation. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TECAfound.rtf
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Unformatted sample text from the term paper:
benefiting from comparative advantage, in addition to this there is a greater proliferation of information supported by numerous communications mediums allowing both marketing and information gathering to take place. This
emphasizes the need for a competitive advantage, in order to assess the way that this can be created and realised requires consideration of both the concept and the basic foundation.
Michael Porter believes that when firms compete, to be successful in the long term they require a competitive advantage, in line with this
he defined two sources of competitive advantage; cost advantage and differentiation. These are two ways in which a competitor may get an advantage over a competitor. For example, two goods
that are the same will see neither gain the advantage, however, where one is different in a way that appeals to the consumers for example, if it has extra features,
it may have an advantage a it is more attractive, just as if one company is able to produce the goods at a lower cost which results in the company
having an advantage resulting from by superior profits (as low cost does not mean low price). To compete in the long term Porter has argued that there should be a
source of competitive advantage, however, that the two advantages of cost and differentiation are not compatible, and will create consumer confusion. Others, such as Asker, argue that the two may
be compatible (Thompson, 2007). To consider each the With cost advantage a company will "find and exploit all sources of cost
advantage... [and] ... sell a standards no frills product" (Porter, 1985; 13). This means that the cost to the firm of producing the good is lower than to its competitors.
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