Competitive Advantage and Management's Role

Competitive Advantage and Management's Role

Introduction

Competitive advantage refers to a term that defines an advantage which a firm exercises over its competitors, such that it allows the firm to make higher sales, increase profit margins or retain larger number of customers as compared to its competitors in the market (Best, 2011). There can be various forms of competitor advantages which might have an impact on the firm's cost structure, distribution network, the variety of products being offered or even the customer support (Martin, 2009). Thus, in short, competitive advantage can be summarized as a firm's ability to ...