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A competitive advantage is a set of unique features that the target market perceives how?
AAs significant and superior to those of the competition
BAs legally protected by a patent held by the company
CAs cheaper to produce than those of the competition
DAs unchanged since the product was first introduced
Answer & Solution
Correct answer: A. As significant and superior to those of the competition
1. A competitive advantage is also called a differential advantage.
2. It is a set of unique features of a company and its products.
3. The target market must perceive those features as significant and superior to the competition.
4. Perception by the buyer is the test, so a patent or a low production cost is not enough on its own.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.2 Creating a Marketing Strategy_
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