A competitive advantage must provide the new business with the opportunity to make money in excess of the competition.
Competitive advantage refers to the factors that allow a company to produce goods or services better or at a lower cost than its competitors. These factors allow the production unit to generate more revenue or higher profit margins than its competitors in the market. Competitive advantage is due to many factors including cost structure, brand image, product quality provided, distribution network, intellectual property and customer service.
Competitive advantage is what makes an entity's products or services more attractive to customers than any other competitor.
Competitive advantage can be divided into comparative advantage and differential advantage.
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