Marketing - What is Competitive Advantage

The video tutorial discusses the importance of competitive advantage in marketing. It emphasizes the need for businesses to differentiate themselves from competitors by offering unique value propositions. The tutorial explains that competitive advantage can be achieved through cost leadership, unique product features, or superior quality. It highlights the importance of creating advantages that are difficult for competitors to replicate, ensuring that consumers choose their products over others.

What is the main focus of strategic decision-making in marketing?

• To reduce marketing costs

• To increase product variety

• To create a competitive advantage

• To explore new markets

How does competitive advantage help a business?

• By reducing the quality of products

• By differentiating the business from others

• By increasing production costs

• By making the business similar to competitors

Which of the following is NOT a way to establish a competitive advantage?

• Providing unique product features

• Offering a less expensive product

• Improving product quality

• Copying competitors' strategies

Why is it important to make a competitive advantage hard to copy?

• To prevent competitors from replicating it

• To increase production costs

• To reduce customer choices

• To make products more expensive

What can be a source of competitive advantage according to the video?

• Larger product size

• Higher pricing

• Increased advertising

• Unique product features