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Unit 3 DB Competitive Advantage

Unit 3 DB Competitive Advantage

Q • This week, we have analyzed the importance of having a competitive advantage in business. A competitive advantage distinguishes a company from its competitors. It also is the recognition that a company either delivers quality products at a lower cost than the competition or offers support and services at a greater value than the competition. To gain a competitive advantage, a company must often respond to customer demands quickly. Companies that can satisfy customer demands for rapid response build brand loyalty, differentiate their products, and can charge higher prices for products. For your discussion this week, please answer the following questions: • How are the four building blocks of competitive advantage related to each other? • What role can top management play in helping a company achieve superior efficiency, quality, innovation, and responsiveness to customers? • Over time, will the adoption of Six Sigma quality improvement processes give a company a competitive advantage, or will it be required only to achieve parity with competitors? o Make sure you conduct additional research when answering this question.

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To gain a competitive advantage, a company must often respond to customer demands quickly. Companies that can satisfy customer demands for rapid response build brand loyalty, differentiate their products, and can charge higher prices for products. For your discussion this week, please answer the following questions: How are the four building blocks of competitive advantage related to each other? What role can top management play in helping a company achieve superior efficiency, quality, innovation, and responsiveness to customers? Over time, will the adoption of Six Sigma quality improvement processes give a company a competitive advantage, or will it be required only to achieve parity with competitors? Make sure you conduct additional research when answering this question. There is relation among the four building blocks because there can be diversified processes in the organization affected directly and indirectly by these building blocks (Hill et al., 2020). There can be operations of supply chain done by an organization in a more effective and productive way if every action and decision in quality management is implemented in a consistent manner (Hill et al., 2020). There can be new kinds of resources developed and sustained by an organization by the positive and productive effects of all the four building blocks (Dagnino et al., 2021). There can be an organization’s and all organizational members’ technical knowledge affected by the four building blocks (Dagnino et al., 2021). There can be improvement in quality of a specific product done with any customer complaining regularly or several customers complaining together or individually. This is because the organization will not want future customers to be dissatisfied. In this way, quality of the product can be enhanced by the customer responsiveness. The individual and collective