Asked by Thembani VUTUZA on May 28, 2024
Verified
According to Michael Porter of Harvard University,organizations need to distinguish and position themselves differently from their competitors in order to build and sustain competitive advantage.
Competitive Advantage
The unique attributes or circumstances that enable an organization to outperform its competitors.
Michael Porter
An influential academic known for his theories on economics, business strategy, and competitive advantages.
- Learn about the strategies for achieving competitive dominance, including those that focus on undercutting costs, distinguishing products/services, and zeroing in on particular market segments.
Verified Answer
SE
Shanel EllisMay 28, 2024
Final Answer :
True
Explanation :
Michael Porter's theory of competitive advantage emphasizes the need for organizations to differentiate themselves from their competitors in order to achieve long-term success. This differentiation can come in the form of unique products, processes, or strategies that give an organization an edge over its rivals. By positioning themselves differently in the market, companies can attract customers who are looking for something distinct and gain a competitive advantage that is difficult for others to replicate.
Learning Objectives
- Learn about the strategies for achieving competitive dominance, including those that focus on undercutting costs, distinguishing products/services, and zeroing in on particular market segments.