A company's ability to achieve and maintain a unique and valuable competitive position both within a nation and globally, generating higher rates of profit than its competitors, is known as

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13-07-2022
Business

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A company's ability to achieve and maintain a unique and valuable competitive position both within a nation and globally, generating higher rates of profit than its competitors, is known as

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sharmaaashutosh169 sharmaaashutosh169 · Answer 1 · 2022-07-21T10:51:43+02:00

It is known as competitive advantage.

Competitive advantage refers to factors that allow a company to produce goods or services more efficiently or at a lower cost than competitors. These components allow the manufacturing unit to generate more sales or profits than its competitors in the market.

It is the favorable position that a firm seeks in order to outperform its competition.

Competitive advantages are classified into two types: comparative advantages and differentiated advantages.

A company's comparative advantage is its ability to manufacture something more effectively than a rival, resulting in larger profit margins.

A differential advantage occurs when a company's goods are seen to be both distinctive and of greater quality than those of a rival.

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