Answered: The primary means for gaining and…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Question

The primary means for gaining and sustaining competitive advantages for companies are shifting downstream. Is that also the case in a circular economy? Explain and discuss these statements.

Use 2 credible sources

Expert Solution

Introduction

In recent years, the business landscape has undergone significant changes, and companies are facing increasing challenges in maintaining their competitive advantage.
The traditional methods of gaining a competitive edge, such as investing in research and development or having a strong brand image, are becoming less effective.
Instead, companies are now looking downstream, to areas such as supply chain management, customer relationships, and data analysis, to gain a competitive advantage and sustain it over the long term.
This shift in focus represents a recognition that the way companies interact with customers, suppliers, and other stakeholders is becoming increasingly important in determining success in today's global marketplace.