The simple definition
of competitive advantage is: “a condition or circumstance that puts a company
in a favorable or superior business position”. In a nut shell, competitive
advantage is what sets you apart from your peers. There are several different
components that factor into your competitive advantage. Most of the time we
think about price, but a company or business cannot be successful just by
offering low prices and not making a profit. Your advantage may be your
customer service, hours, and products. When it comes to competitive advantage I
think back to the bank I used to work for, Bank Independent. A service like
banking is met by many competitors. The number one focus for the Bank was
customer service. Our priority was providing the highest level of service to
our customer. Another advantage on our competitors was our hours. The Bank’s
drive-thru hours were available from 8:30 am to 8:00 pm Monday through Saturday.
These two components combined showed to be a competitive advantage for the bank.
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