A Competitive Advantage Refers to

question 195

Multiple Choice

A competitive advantage refers to

• A) the cluster of benefits that an organization promises customers to satisfy their needs.
• B) those characteristics of a product that make it superior to competitive substitutes.
• C) a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
• D) actions taken by a firm with the sole intent of putting a competitor out of business.
• E) the added value given to a product beyond the functional benefits provided.

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Definitions:

Promised Action

An agreed-upon deed or activity that a party has committed to perform in the scope of a contract or agreement.

Set of Promises

A collection or aggregation of commitments or assurances made by one party to another within the context of a contract or agreement.

Legal Objective

A principle that requires contracts to have a purpose that is lawful and not against public policy in order to be enforceable.

Breach

The violation or breaking of a law, duty, or contractual obligation either by commission or omission.