Why is it important for a small business to establish a competitive advantage?
- print Print
- list Cite
Expert Answers

calendarEducator since 2019
write33 answers
starTop subjects are Literature, Science, and Business
A competitive advantage is defined as a condition or circumstance that allows a company to gain a favorable position over its competitors—this usually occurs when the company is able to offer the same value of goods or services at a lower price or is able to differentiate its goods from those of competitors by increasing their value. In other words, a competitively advantageous company is able to create more economic value for their goods or services. A competitive advantage can also be established by superior customer service, for example, having a policy in place to ship all orders same-day.
Establishing a competitive advantage may be more...
(The entire section contains 2 answers and 321 words.)
Unlock This Answer Now
Start your 48-hour free trial to unlock this answer and thousands more. Enjoy eNotes ad-free and cancel anytime.
Related Questions
- Why is consumer behavior important for a business firm?
- 3 Educator Answers
- What is Alibaba.com's competitive advantage? (expected to write quite a bit)
- 2 Educator Answers
- Why is external competitiveness important in compensation?
- 4 Educator Answers
- Why is forecasting important for business?
- 1 Educator Answer
- Why is Perfect Competition good for society?Why is Perfect Competition good for society?
- 6 Educator Answers

calendarEducator since 2009
write35,413 answers
starTop subjects are History, Literature, and Social Sciences