Question

A nation's competitiveness depends on the capacity of its industries to ____ and thereby maintain its competitive advantage.

Answer 1

A nation's competitiveness depends on the capacity of its industries to innovate and upgrade and thereby maintain its competitive advantage.

What is competitive advantage?

• A company's ability to produce goods or services faster, more efficiently, or for less money than its competitors is known as a ccompetitive advantage.
• These elements enable the producing unit to outperform its competitors in terms of sales or margins. Cost structure, branding, the standard of the product offers, the distribution system, intellectual property, and customer service are just a few examples of the variables that are thought to contribute to competitive advantages.
• Comparative and differentiated advantages are two types of competitive advantages.
• A corporation has a comparative advantage if it can create a product more effectively than a competitor, which increases profit margins.
• When a company's products are regarded as both distinctive and of greater quality than those of a competitor, this is known as having a differential advantage.

To learn more about competitive advantage with the given link

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