We started the discussion by defining what competitive advantage is.
Competitive advantage is defined as “an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices”
There are two types of competitive advantage that we discussed:
- Low Cost – increasing profits and by reducing costs
- Differentiation – making products different and more attractive than competitors
For the culminating activity of the topic, we were given 2 competitors in a particular industry. In our case, we compared Apple vs. Samsung. To see our report: Porter’s Generic Strategy