A firm's ability to achieve market and financial superiority over its competitors is called
A)Operations strategy
B)Strategic planning
C)Competitive advantage
D)Competitive priority

Question

Quizplus · Accepted Answer

Competitive advantage is defined as a firm's ability to achieve market and financial superiority over its competitors. It is a key concept in strategic management and can be achieved through various means, such as providing superior products or services, offering lower prices, or having better distribution networks.

The other answer choices are related concepts, but do not fully capture the meaning of competitive advantage. Operations strategy is a plan for how a company will use its resources to support its overall business strategy. Strategic planning is the process of defining an organization's strategic direction and making decisions on allocating its resources to pursue this direction. Competitive priority refers to the specific characteristics that a firm emphasizes to compete effectively in a given market, such as product quality, delivery speed or cost.

A Firm's Ability to Achieve Market and Financial Superiority Over