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Copyright © 2007 Pearson Education, Inc.

Slide 2-10

Competitive Advantage

Achieved when a firm can produce a superior product and/or bring product to market at a lower price than most, or all, of competitors

Firms achieve competitive advantage when they are able to obtain differential access to the factors of production that are denied to competitors

Types of competitive advantage include:

First mover advantage—results from a firm being first into a marketplace

Unfair competitive advantage—occurs when one firm develops an advantage based on a factor that other firms cannot purchase

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