Do you think it is better to concentrate on one source of competitive advantage (cost versus differentiation versus speed) or to nurture all three in a firm's operation?
To be able to have sustained success, ay business needs to build and maintain a competitive advantage. An understanding of each competitive strategy is essential to any organization in the determination of whether adopting one or multiple of them is of the best interest to the company. While some of the competitive advantages are generic in nature such as cost, each competitive advantage has unique levels of interchangeable qualities within them the foster varying elements of leadership, speed advantages, production and even differentiation. Much in the same way in which businesses are able to attain competitive advantages with cost leadership and even differentiation, they will usually share similar traits (Gupta et. al., 2008).
As a result of this, while looking at cost leadership as a competitive advantage; we would note it having both the elements of speed and differentiation in which the price is quite contrary in nature from competition. Evidently, the nature of speed is such that from it, ...
This solution discusses sources of competitive advantage and sustained competitive advantage in 571 words with three APA references.