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In: Operations Management
What does a competitive advantage mean in the public sector? Does this mean it has a...
What does a competitive advantage mean in the public sector? Does this mean it has a good position and thus a good competitive advantage? Support your position.
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Expert Solution
Competitive advantage is a condition that enables a company to operate in a more efficient or responsive manner than its competitors. A company that has a competitive advantage will be able to attain a higher potential of earning and profit. A company can build up its competitive advantage both externally and internally. When there are changes in the external environment, such as changes in customer demand, prices, and technology, a company can gain competitive advantages by having unique resources or responding faster and more effective than its competitors. Internally, the company can also gain strategic advantages through the adoption of an innovation strategy through more research and development, innovation in management, exploration of new markets and a reconfiguration of its value chain.
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