What is competitive advantage? Explain the importance of each of the four areas in which an organization must stay ahead of its competitors.
What will be an ideal response?
Competitive advantage is the ability of an organization to produce goods or services more effectively than competitors do, thus outperforming them. This means an organization must stay ahead in four areas: customer responsiveness, innovation, quality, and efficiency.
Being responsive to customers. The first law of business is: Take care of the customer. Without customers—buyers, clients, consumers, shoppers, users, patrons, guests, investors, or whatever they're called—sooner or later there will be no organization.
Innovation is finding ways to deliver new or better goods or services.
Quality. If your organization is the only one of its kind, customers may put up with products or services that are less than stellar. However, if you are not a unique organization, which is more likely, customers will begin to buy from the company with better quality for the same price.
Efficiency. In today's organizations, the emphasis is on efficiency: Companies strive to produce goods or services as quickly as possible using as few employees (and raw materials) as possible.
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A) shows on home shopping networks and infomercials B) home-selling and toll-free response C) home television response and attention commercials D) direct selling and m-commerce E) home shopping networks and short-messaging systems
The Paid-in Capital, Treasury Stock account can have a zero or credit balance.
Answer the following statement true (T) or false (F)
Routinely used clichés capture the receiver's attention because they are original, fresh, and interesting
Indicate whether the statement is true or false
Which sentence is punctuated correctly?
A) The commencement speaker encouraged us to: "dream big" as we entered the job force. B) The commencement speaker encouraged us to, "Dream big" as we entered the job force. C) The commencement speaker encouraged us to "dream big" as we entered the job force.