Question

Sustainable competitive advantage is influenced by a: (Check all that apply) Group of answer choices Product or service with better features or functions Committment to converting competitors' customers Higher price for the customer based on the value created for them Rareness factor, meaning that competitors cannot offer the same set of values to this customer

Answer 1

Sustainable competitive advantage largely depends on differentiated products, rareness factors, and constant innovation to maintain a unique market position and attract customers.

Step-by-step explanation:

Sustainable competitive advantage is influenced by several factors, key among these being the ability to offer differentiated products or services. When a firm's offerings are distinct in terms of physical aspects, location, intangible attributes, or customer perceptions, they achieve differentiation. This distinctiveness can manifest through better features, functions, or the high value created for customers that justifies a higher price. Moreover, exclusivity or a rareness factor is critical since it ensures competitors cannot readily duplicate the value offered, thus solidifying the firm's market position. A commitment to innovation and converting competitors' customers also plays a significant role in sustaining competitive advantage as it demonstrates a proactive approach to market dominance.

Answer 2

Answer: a. Product or service with better features or functions.

d. Rareness factor, meaning that competitors cannot offer the same set of values to this customer

Step-by-step explanation:

Sustainable Competitive Advantage refers to the quality that a company has of being able to stay ahead of it's competitors in the long term.

The main way to do this is Value creation. The company has to give to the consumer, something that the consumer will value and keep coming back for.

One of those ways is to give consumers a better product with better features and functions. This will enable consumers to associate high quality products with a company leading to them having a better market share.

Another way is the RARENESS FACTOR. Offering a product or something in that product that consumers consider rare will create value for the company because rare things are often sought after.

If a Company's products are considered rare, consumers will value them more.