MGM101H5 Study Guide - Midterm Guide: Transformational Leadership, Human Resource Management, Justin Trudeau

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Test #3 short answer questions section 102: firm"s hope to be able to identify sources of competitive advantage through their e/i analysis. Describe how a firm can gain strategic competitive advantage and how it can achieve operational competitive advantage. (3 marks) One mark for explaining what is meant by competitive advantage. One mark for describing how a firm can gain strategic competitive advantage, and one mark for describing how it can achieve operational competitive advantage. Competitive advantage is an advantage gained by firms who are able to provide customers with a product or service that offers more value than alternate products or services offered by competitors. Need to identify the provision of more value for customers than the competition. Strategic competitive advantage first mover advantage or the ability to change the rules of the game in the markets the company chooses to compete in.