Describe Some Competitive Advantage Strategies That Are Based on Business

question 89

Essay

Describe some competitive advantage strategies that are based on business processes.

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Definitions:

Future Consumers

Individuals or entities that are potential customers of a product or service in the future, highlighting the importance of market forecasting and trend analysis for businesses.

Black Box

A system or device whose internal workings are not revealed or are unknown but can be understood based on its input and output behavior.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and desires.

Market Segmentation

The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristic.