| University | The Royal Melbourne Institute of Technology (RMIT) |
| Subject | BUSM3200: Strategic Management |
You have a competitive advantage when your firm has an edge in attracting customers and in defending your market against rivals. To gain an advantage you must persuade buyers your service offers superior value compared to
competitors.
- To be competitive at all, an organization must ensure that customers see the sufficient value and that they are prepared to pay more than the cost of supply.
- To have an advantage, the organization must be able to create greater value than competitors.
- In the absence of competitive advantage, an organization’s competitive strategy is always vulnerable to competitors with better products or offering lower prices.
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