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Three Test To Determine Ccompetitive Advantage

929 words - 4 pages

Explain what you understand by the concept of the “competitive advantage”. The authors suggested three tests to determine the source of competitive advantage. Explain. (You may need to do some reference. Use online databases from library).

Definition of 'Competitive Advantage is an advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retains more customers than its competition. There can be many types of competitive advantages including the firm's cost structure, product offerings, distribution network and customer support. On the other hand, Competitive advantages give a company an edge over its rivals and an ability to generate greater ...view middle of the document...

Also it provides the understanding that resources held by a firm and the business strategy will have a profound impact on generating competitive advantage.
Value. The resources of the firm must be valuable, in the sense that it exploit opportunities and neutralizes threats in a firm's environment. It means the firm must have enough or more resources in order to keep their production going on and to attract other resources like employees who can help the organization to achieve competitive resources. As example, if the firm have strong financial back up, they able to offer higher salary to acquire a talented and highly skill employees. It will help the firm to gain more innovations or creativeness to achieve competitive advantage and always in front of the competitors. The firm’s ability to create and capture value depends on the strength of competition and the characteristics of the firm. In markets where customer demand outruns industry capacity, many firms can add value. In markets where industry capacity outruns customer demand, a firm must have a competitive advantage to survive. Meanwhile, to obtain a competitive advantage, the company must create greater total value than its competitors and capture the incremental value that it brings to the market. The competitive advantage of a firm equals the difference between the overall value created by the industry when the firm is in the market and the overall value that would be created by the industry when the firm is not in the market. Thus, competitive advantage is the extra value created by the firm.
Next is rarity. It must be rare among a firm's current and potential competition. This attributes will contributes uniqueness of our firm or to our production. As example, Samsung mobile use rare technology to create devices like hand phones and laptops. So, their competitors like Nokia unable to...

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