How do you decide if your competitive advantage is strong enough, and give an example?

Question

What will be an ideal response?

Answer 1

1) Sell to a market that is large and growing, for example, China or iPods.
2) Sell to a market where the competition is able to make a profit. For example, right now, the jury is out on whether hybrid cars will be profitable. However, selling the Honda Accord (the U.S.'s most purchased car) is obviously profitable for Honda.
3) Sell to a market where competitors are succeeding, but they cannot block your entry or make market entry hard. For example, take your product and sell it at a flea market.
4) Sell a product or service that solves problems consumers have with competitors. For example, FEDEX offered overnight delivery and began to beat the United States Postal Service and United Parcel Service.
5) Sell a product or service at a competitive price that will attract customers. For example, UPS fought back against FEDEX by offering a lower price than FEDEX for overnight delivery.