Question

The ability of one organization to outperform other organizations because it produces desired goods or services more efficiently and effectively than its competitors is known as its:

a) Competitive advantage
b) Market leadership
c) Strategic differentiation
d) Operational excellence

Answer 1

A competitive advantage is the ability of one organization to outperform others by producing goods or services more efficiently and effectively. It can be achieved through cost leadership, differentiation, or innovation.

Step-by-step explanation:

The ability of one organization to outperform other organizations because it produces desired goods or services more efficiently and effectively than its competitors is known as its competitive advantage. A competitive advantage can be achieved through various means, such as cost leadership, differentiation, or innovation. For example, companies like Apple and Nike have a competitive advantage in their respective markets because they deliver innovative and high-quality products that customers desire.