Strategy and Competitive Advantage

Competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices. This lecture briefly describe¬†Strategy and Competitive Advantage.¬†Porter suggested four “generic” business strategies that could be adopted in order to gain competitive advantage. The strategies relate to the extent to which the scope of a business’ activities are narrow versus broad and the extent to which a business seeks to differentiate its products.