Explain how each of the following is a basis for competitive

Explain how each of the following is a basis for competitive advantage in manufacturing: cost, quality, time, agility.

Solution

For a firm to gain competitive advantage it has to have best equipment and manpower . The cost of the product must be according to the manufacturing costs and it must be seen that it does not go too high or low. When the cost of ourproduct is low when compared to others customers tend to buy our product . While considering the cost , quality of the product also needs to be considered because a low cost product with low quality is of no use. The product with reasonable price and high quality is given importance. The time taken to manufacture and the ability to move quick and fast are also important because the faster we supply the more we supply which is also competitve advantage for the firm. Hence all these factors are the basis for competitive advantage.