COMPETITIVE ADVANTAGE exists when the firm is able to deliver the same benefits as competitors but at a lower cost (cost advantage), or deliver benefits that exceed those of competing products (differentiation advantage). Thus, a competitive advantage enables the firm to create superior value for its customers and superior profits for itself. See also SUSTAINABLE COMPETITIVE ADVANTAGE.
SKIP PERSON is a transfer of property to a person who is in a generation below a child of the transferor, referred to as a "skip" person, typically a grandchild or great grandchild.
MANAGEMENT BUY-IN is the purchase of a company that is in trouble where the investors bring in new management for a turn-around.
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