The Pros And Cons Of Competitive Advantage

3453 Words 14 Pages
Register to read the introduction… However, a competitive advantage is often a single key element that gives an edge to a business beyond what the competition has or does.

5-1

1. The experience and skills of the top managers. Over half of business failures are directly related to managerial incompetence.
2. Energy, persistence and resourcefulness (the will to make the business succeed) of the top managers. Many business owners have failed or come close several times before their “instant” success.
Don’t give up.
3. A product that is at least a cut above the competition and service that doesn’t get in the way of people buying. There must be a compelling reason to buy; the product is great, the people love to provide service, the buying experience is easy and fun, etc.
4. The ability to create a “buzz” around the product with aggressive and strategic marketing. Make scarce marketing resources count. Do as much homework about your customers and their choices as you can before investing your marketing dollars.
5. Deal-making skills to sell the product at the highest possible price given your market. It comes down to your customers’ perception of the value of your product and sometimes the power of
…show more content…
Nature Tourism: consumptive and non-consumptive use of the natural resources. Nature tourism ranges from birding, rock climbing, camping, hiking, stargazing, and even skydiving, to hunting and fishing.
Value-Added: a product whose appeal to consumers has been increased through packaging, processing, marketing, or production practices or services. Each step of adding value to a product is an alternative enterprise. (Southern Maryland Resource Conservation and Development Board, 2004)

References
Barone, M.J. and T.E. DeCarlo (2003). “Emerging Forms of Competitive Advantage:
Implications for Agricultural Producers.” Midwest Agribusiness Trade Research and
Information Center Research Paper 03-MRP 5.
King, J.B. (2005). "The Top 10 Reasons Businesses Succeed." EzineArticles. Retrieved May
2008 from http://ezinearticles.com/?The-Top-10-Reasons-Businesses-Succeed&id=12514.
Southern Maryland Resource Conservation and Development Board (2004). “Taking the First
Step: Farm and Ranch Alternative Enterprise and Agritourism Resource Evaluation Guide.”
Retrieved May 2008 from ftp://ftpfc.sc.egov.usda.gov/Economics/AltEnterprise/FirstSteps.pdf.

Related Documents