Question
A competitive advantage can be based on any of six factors. Which factor below is not one of the six? Select one: a. opportunity b. selection c. service d. quality
Ask by Peters Watkins. in the United States
Feb 03,2025
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Answer
The answer is **a. opportunity**.
Solution
The correct answer is:
**a. opportunity**
**Explanation:**
Competitive advantage typically stems from factors directly related to how a company operates and delivers value to its customers. Common factors include:
- **Selection:** Offering a wide variety of products or services can attract a broader customer base.
- **Service:** Providing excellent customer service can differentiate a company from its competitors.
- **Quality:** Maintaining high-quality products or services ensures customer satisfaction and loyalty.
**Opportunity**, on the other hand, generally refers to external factors or chances that a company can exploit but is not a direct internal factor that constitutes a competitive advantage.
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Bonus Knowledge
The factor that is not one of the six potential bases for a competitive advantage is b. selection. In the realm of competitive strategies, companies typically leverage factors like quality, service, cost, innovation, branding, and focus to carve out a strong position in the marketplace. Understanding these factors can empower businesses to make informed decisions that can drive success. For instance, focusing on quality can create loyal customers and enhance brand reputation, while excellent service can differentiate a company in a crowded market.