COMPETITIVE ADVANTAGE Definition

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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.

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COST AVOIDANCE is an action taken in the present designed to decrease costs in the future.

LIRA (LIRI) is a currency of Malta.

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