29 Jun Comparative and Competitive advantages are
Question
Question: 2
Comparative and Competitive advantages are the two most important concepts in business today. Please answer the following:
A. Explain the general principles of competitive and comparative advantage theories. What is the difference between the two? How does comparative advantage theory differ from neoclassical theory? Much of our modern economics rests on the assumptions of neoclassical theory, yet Hunt and Morgan (1995) suggest there are flaws in this theory. Discuss these flaws and provide examples.
B. Some experts have suggested that we need to consider the term: “covert sustainable competitive advantage.” Why? If you have studied SCA (sustainable competitive advantage) in other classes, what is the point of the advantage being sustainable? What would be the point of adding the word “covert” to this concept (hint: think about the nature and value of information in today’s markets)?
C. Identify a company which utilizes a comparative advantage centered on one particular marketing concept within the 4P’s framework. How does that company turn this comparative advantage into competitive advantage in the marketplace? How does this competitive advantage result in extraordinary profit for the organization when compared with its competition? ?
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