The Definition

A competitive advantage over competitors is gained by offering consumers greater value, whether by offering lower prices or by providing greater benefits and/or service that justifies higher prices.

Competitive Strategies

Four generic business strategies can be adopted in order to gain competitive advantage. These four strategies relate to the extent to which the scope of a business' activities are narrow versus broad and the extent to which a business seeks to differentiate its products.

·                  Differentiation

·                  Cost Leadership

·                  Differentiation Focus

·                  Cost Focus

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