Competitive advantage is what makes an organization’s products or services more desirable to customers than any other competitor’s products or services.#
Competitive advantages can be divided into comparative advantages and distinctive advantages.
Comparative advantage is the ability of a company to produce something more efficiently than a competitor, resulting in a higher rate of return.
Differential advantage is when a company’s product is seen as unique and better than a competitor’s product.
Evaluation costs are the fees a company pays for discovering defects in its products before they are delivered to customers; they are a form of quality control.
The articles of association can be seen as a user manual for the company, defining its purpose and outlining the methodology for carrying out the necessary day-to-day tasks.
When a company or government agency buys or leases existing manufacturing facilities to launch new manufacturing activities, this is called an investment in existing facilities.
The Code of Ethics sets out the ethical principles of the organization and the best practices to be followed with respect to honesty, integrity and professionalism.