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The term can be defined to mean “anything that a firm does especially well when compared with rival firms”. Competitive advantage accrues to a firm when it does something that the rivals cannot do or owns something that the rival firms desire.Competitive strategies are essential to companies competing in markets that are heavily saturated with alternatives for consumers.An organization that is capable of outperforming its competitors over a long period of time has sustainable competitive advantage.
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Long term action plan that is devised to help a company gain a competitive advantage over its rival. This type of strategy is often used in advertising campaigns by somehow discrediting the competition's product or service. Competitive strategies are essential to companies competing in markets that are heavily saturated with alternatives for consumers. Careful management of such strategies are called Competitive Strategic
Management
Strategic management is an ongoing process that assesses the business and the industries in which the company is involved, assesses its competitors and set goals and strategies to meet all existing and potential competitors, and then reassesses each strategy annually or quarterly to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, or new economic environmenet, or a new social, financial or political environmenet.
LAMB ROBERT BOYDEN ED.
