Q Identify 4 Ways Create Competitive Advantage 1 Improving Quality 2 Improving Efficacy 3 Q34235660

Q-Identify 4 ways to create a competitive advantage.

1- Improving quality- 2- Improving efficacy- 3- Improvinginnovation- 4- Improving responsiveness to customer-

Expert Answer

Improving quality : Improving quality toprovide higher quality products or services increases the marketshare for the product.This occurs because customers are willing topay higher price for higher quality products and thus leads tohigher profits and helps in creating a competitive advantage.

Improving efficacy:Improving efficacy of theproducts will ensure that customers will increasingly buy specificproducts/services because they address their core requirements orspecifications.So,improving efficacy will increase the willingnessto pay higher price for a certain product.Thus ,improving efficacyincreases the repeat purchases and creates