competitive-advantage

Vocabulary Word

Definition

'Competitive advantage' is the unique edge that gives a business an upper hand over its competitors. This could be anything from better products, to greater efficiency, to excellent customer service.

Examples in Different Contexts

In the marketplace, 'competitive advantage' is crucial for success. A business strategist might say, 'Our innovative distribution methods give us a competitive advantage in the market.'

Practice Scenarios

Design

Scenario:

Our design agency is doing well, but to become a leader in the industry, we need to develop a unique design style or methodology.

Response:

Investing in user experience research might give us a competitive advantage in terms of understanding the clients' needs better.

Operations

Scenario:

To improve our production efficiency, we should look into adopting lean manufacturing techniques and optimizing our supply chain.

Response:

Indeed. Lean manufacturing could be our competitive advantage, making us more efficient and cost-effective.