This week, we have analyzed the importance of having a competitive advantage in business. A competitive advantage distinguishes a company from its competitors. It also is the recognition that a company either delivers quality products at a lower cost than the competition or offers support and services at a greater value than the competition.To gain a competitive advantage, a company must often respond to customer demands quickly. Companies that can satisfy customer demands for rapid response build brand loyalty, differentiate their products, and can charge higher prices for products. For your discussion this week, please answer the following questions:
- How are the four building blocks of competitive advantage related to each other?
- What role can top management play in helping a company achieve superior efficiency, quality, innovation, and responsiveness to customers?
- Over time, will the adoption of Six Sigma quality improvement processes give a company a competitive advantage, or will it be required only to achieve parity with competitors?
- Make sure you conduct additional research when answering this question.