1. competitive advantage
No business can exist without creating positive value, and to achieve a competitive advantage it must add more value that it's competitors. Added value is the difference between the market value of a firm's output and the value which it's inputs would have in comparable activities undertaken by other firms. Added value can be achieved if customers or suppliers are willing to undertake relationships which they would not make available to other people. ... Once the firm's reputation has been created, it will have an advantage competing for new customers and further st...
- Word Count: 2238
- Approx Pages: 9
- Grade Level: Undergraduate