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Defining a Competitive Advantage Discussion:
A 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 those of the competition. It is the factor or factors that cause customers to patronize a firm and not the competition. There are three types of competitive advantage: cost, product/service differentiation, and niche.
Think about a product you are loyal to and answer the following:
1. Describe the factors that you believe make the product superior to its competitors.
2. According to the definitions in the text, define what type of Competitive Advantage the company is pursuing (cost, product/service differentiation, or niche).
3. Translate these factors into a set of strengths this company likely has that allows them to make a superior product.
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