Which of the following represents a way to build a sustainable competitive advantage using product excellence?

Positioning the product using a clear, distinctive brand image. More test answers on https://studyhippo.com/marketing-final-310/

a sustainable competitive advantage exists for an organization when other companies have tried unsuccessfully to duplicate the advantage and:

those companies have, for the moment, stopped trying to duplicate the advantage More test answers on https://studyhippo.com/management-test-final-part-2/

Sustainable competitive advantage occurs when an organization can stay ahead in four areas:

(1) Being responsive to customers, (2) Innovating, (3) Quality, and (4) Effectiveness. More test answers on https://studyhippo.com/chapter-6-strategic-management-how-exceptional-managers-realize-a-grand-design/

Which of the following is NOT a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

Striving to be more profitable than rivals and aiming for a competitive edge based on bigger profit margins More test answers on https://studyhippo.com/strategic-management-midterm-1/

Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?

Planning excellence More test answers on https://studyhippo.com/marketing-300-chapter-2-8/

Which of the sources of sustainable competitive advantage discussed in the text is Spirit Airlines most likely pursuing with its ultra-low cost carrier strategy?

Operational excellence More test answers on https://studyhippo.com/quiz-2-olson/

A company achieves sustainable competitive advantage when

An attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors More test answers on https://studyhippo.com/test-1-ch-1-4/

Which of the following is least likely to provide a sustainable competitive advantage?

Lowering Prices More test answers on https://studyhippo.com/marketing-quiz-1-chapter-1-8/

how to achieve sustainable competitive advantage?

perform different activities from rivals or perform similar activities in different ways – involves operational effectiveness – strategy = being different More test answers on https://studyhippo.com/ch-1-strategic-management-creating-competitive-advantages/

6. A company’s mission statement typically addresses which of the following questions? A. Who are we and what do we do? B. What objectives and level of performance do we want to achieve? C. Where are we going and what should our strategy be? D. What approach should we take to achieve sustainable competitive advantage? E. What business model should we employ to achieve our objectives and our vision?

A. Who are we and what do we do? More test answers on https://studyhippo.com/ch1-2/

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Sustainable Competitive Advantage Flashcards, test questions and answers

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What is Sustainable Competitive Advantage?

Sustainable competitive advantage is a strategy that enables businesses to maintain a competitive edge over their competitors by creating lasting value. It is achieved through careful consideration of the resources and capabilities within the business and how they can be used to create unique products, services, or experiences that will remain attractive to customers in the long run. Sustainable competitive advantage requires an understanding of customer needs and preferences as well as how those needs can be met with a particular product or service. Companies must also understand the potential for changing market conditions and customer preferences in order to anticipate trends before they become mainstream.The most successful companies are those that have strong sustainable competitive advantages. These advantages are typically based on one or more of four main factors: cost leadership, differentiation, focus, and innovation. Cost leadership involves creating products or services at lower prices than competitors; differentiation involves offering something unique that customers find desirable; focus means targeting specific segments or customer groups; and innovation refers to new technologies or processes that give businesses an edge over others in the industry.Achieving sustainable competitive advantage requires strategic planning and wise investments in areas such as product development, marketing campaigns, human resource management, research & development (R), operations management, supply chain management etc., which ultimately determine success in today’s ever-changing market environment. The key is to identify the right combination of resources and capabilities needed for long-term success while ensuring short-term gains are maximized too. Additionally, companies need to adopt strategies like leveraging technology advances when possible to reduce overall costs while enhancing efficiency levels across different functions within their organizations. Finally, firms should strive for continuous improvement by regularly evaluating performance metrics against goals set forth by management teams on a regular basis as well as monitoring external market forces which could disrupt existing strategies or provide valuable insights into future trends. In conclusion, achieving sustainable competitive advantage requires careful planning combined with smart investments across all aspects of your business model – from product design down through operations management – so you can stay ahead of your competition no matter what changes come about in the marketplace.