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A business entity's competitive potential and competitive advantages

Author

Listed:
  • Semchenko, A.

    (Saint-Petersburg State University of Economics and Finance)

Abstract

In order to operate well, it is extremely important for a business to develop the competitive potential, and to identify and keep the competitive advantages in a market economy. To define the term competitive advantage is a topical issue now as the businesses' growth on the international scale has become slower, and the market competitors become increasingly aggressive. It is now the main business task to identify and gain a competitive advantage and to turn it into a sustainable competitive advantage. A competitive advantage is the goods characteristics and specifications that create a competitive advantage for the goods producer and form an optimal goods characteristics pattern that is good for a consumer. An advantage is seen best when different things are compared, therefore it is not an absolute property and its creation is influenced by many factors. In order to operate well, it is necessary for a business to develop a business development strategy that is based on the competitive advantages use.

Suggested Citation

  • Semchenko, A., 2008. "A business entity's competitive potential and competitive advantages," Journal of Modern Competition, Synergy University, issue 4, pages 30-37.
    • Handle: RePEc:snr:mdrcmp:y:2008:i:4:p:30-37
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