what are the ways that firms can gain competitive advantage?

Question

if possible explain it with the help of the selected industry.

Answer 1

+ They build a better product, or a comparable product that is more attractive price wise and they find a way to let everyone know(advertise). A household name? Q-tips used to be cotton swabs? Soda POP? now Coke or Pepsi?

Answer 2

It is doing something that is key to the business, better than competition, or doing something that is very important in the costs equation at a lower cost.

What could be? It depends on the industry.

Nike competitive advantage is based on the better understanding of the consumer target, and on the concentration of all their money and talent on doing something relevant, better: the products design and development, market research, marketing and communication.
They chose to buy the rest of the processes (i.e. manufacturing) in other companies. They focused on a few but strategically relevant issues.

The Gillette Company competitive advantage was based on the manufacturing process, and more recently on research and development also.
Since 1902 they produced millions of shaving blades, so economically, that they can be disposed.
It was not the design what gave Gillette the edge; it was the know how of making them at low cost. They protected this advantage destroying the obsolete molds, never selling machinery out of the Company and , of course with good salaries and career opportunities.
Today, a Fussion cartridge has many micro welding points made by laser, at an incredible speed. However, they can be sold at a low price. That is the advantage.

In summary, you must choose at least some relevant aspect of the business and strive to be the best of the world on it, matching the competition in the rest of the issues.

Answer 3

Firms can gain comparative advantage by improving its technology and machinery to increase efficiency and increase output in production, thus their cost of production will be lower, which translates into lower prices of the goods they sell. They become more price competitive and this gives them competitive advantages over other firms.

Answer 4

Firms can develop new, exclusive technology or buy a patent for such technolgy thus allowing them to be the exclusive sellers of the new "thing." They can drop their price below thw market price so as to undercut their competitors. They can discover a new source of raw materials thus lowering their production costs.

Answer 5

Don't get caught up in the leveling game. Focus on your attributes. Cost effectiveness in house helps reduce your customers cost. Deliver what you promise when you promise.
Be consistent and reliable so your customers can plan their production needs accordingly. If you want to sell the customer what the customer buys you must see things through the customers eyes. Good luck

Answer 6

the best way to get competitive advantage,be honest,be good on your own merit, don't ever put down your competition,by putting them down you put your self down,and i guaranty you will succeed,I'm talking from experience.