Description
the assignments for Principles of Management Science
about Goods and Services
Explanation & Answer
Attached.
Name
Professor
Class
Date
The Importance of Competitive Advantage in the Production of Goods and Services
According to the chapter reading, “Competitive priorities represent the strategic emphasis
that a firm places on certain performance measures and operational capabilities within a value
chain.” Also known as competitive advantage, it is an essential aspect of any organization or
business. It is what ensures that a good or service meets the standards it claims and serves as
superior to the consumer in comparison to other products or services. Influential in the industrial
sector as a whole, competitive priorities can determine the success and overall competition of an
organization within their industry. If the good or service that they are providing surpasses the
expectations of the consumer and outdoes any other organization that produces the same good or
service, then, in agreeance with the competitive priority model, that organization attracts more
business and is seen as a threat within their given industry. They are considered more
competitive in both the eyes of the competitors and their consumers which results in capital gain,
notoriety, and increased co...