Competitive Advantage - Business concept of the day

Competitive Advantage - Business concept of the day

Economy

GlobalLinker Staff

GlobalLinker Staff

26 Jul 2018, 14:54 — 1 min read

Definition: Competitive advantages are conditions that allow a company or country to produce a good or service of equal value at a lower price or in a more desirable fashion.

 

Example: Companies in India and China have a competitive advantage in the manufacturing sector in comparison to the U.S and U.K because of lower labour costs.


Business Insight: Building a business around a competitive advantage is a good strategy for ensuring success and growth.

 


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