Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

1. Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage.

2. Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, or technological superiority.

3. Developing competitively valuable resources and capabilities that rivals can't easily match, copy, or trump with capabilities of their own.

4. Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche.

Question

Kylee Turner

Business

27 December, 09:05

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

1. Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage.

2. Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, or technological superiority.

3. Developing competitively valuable resources and capabilities that rivals can't easily match, copy, or trump with capabilities of their own.

4. Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche.

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Answers (1)

Know the Answer?

Karli Wade · Answer 1

It's all of them

Explanation:

1. Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage.

By being low-cost provider, the company could target a wide consumer groups compared to its rival.

2. Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, or technological superiority.

By providing features, better quality, and services, companies could create more value for the customers who purchase their product. This will make their product seen as more trustworthy or superior compared to the competitor.

3. Developing competitively valuable resources and capabilities that rivals can't easily match, copy, or trump with capabilities of their own.

Developing competitively valuable resources make the total cost that incurred during production become lower. This will make the company able to put a lower price tag and increase the amount of profit margin compared to their competitors.

4. Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche.

By narrowing a market niche, the company can cater to a group of consumers with specific taste. This will make our market positioning become really strong in that specific niche.