What Is a Competitive Advantage

question 36

Multiple Choice

What is a competitive advantage?

• A) A product that an organization's customers place a lesser value on than similar offerings from a competitor
• B) A product or service that an organization's customers value more highly than similar offerings from a supplier
• C) A service that an organization's customers place a lesser value on than similar offerings from a supplier
• D) A product or service that an organization's customers place a greater value on than similar offerings from a competitor

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Definitions:

Goods

Tangible items that satisfy human wants or needs, and that can be transferred from one person to another.

Income

The income earned, particularly consistently, from employment or investment returns.

Ordinal Utility

A concept in economics that describes how consumers rank different bundles of goods, reflecting preferences in terms of order rather than quantifiable satisfaction.

Cardinal Utility

A concept in economics that assumes utility can be measured in absolute numbers, allowing for quantifiable comparisons between satisfaction levels.