Question

A firm needs to stand out on at least one attribute of the value proposition to demonstrate a competitive advantage.

true or false

Answer 1

ANSWER IS TRUE
In recent years the concept of competitive advantage has taken center stage in discussions of business strategy; that is why, one of the major challenges organizations face today is how to have a competitive advantage. In most cases a stand out product will do the job, since products are perceived as both highly relevant and meaningfully, the ability for any one product to standout in a competitive category will guarantee the success of such organization. While there are numerous ways to differentiate brands, identifying meaningful product-driven differentiators can be especially fruitful in gaining and sustaining a competitive advantage.
Unique selling proposition is what your business stands for. It’s what sets your business apart from others because of what your business makes a stand about. Instead of attempting to be known for everything, businesses with a unique selling proposition stand for something specific, and it becomes what you’re known for.

Many businesses make the mistake of attempting to stand for everything when they first get started. They want to do everything well, and they want to be all things to all people. They want to be known for having the highest quality products AND the lowest prices. They want to have the best food AND the cheapest prices. They want to be known for the best burgers AND the most delicious salads AND the juiciest steaks and ribs.

Look at the below table to understand better