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Competitive advantage - Coggle Diagram
Competitive advantage
Price leadership
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Definition
Price leadership is an oligopolistic market strategy where one dominant firm sets prices, and other firms in the industry follow suit, leading to a stable market without explicit collusion. This practice can occur due to a firm's significant market share and influence, which forces rivals to match price changes to retain their market share
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added value
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Definition
Added value is the extra worth a business creates for a product or service beyond its basic cost of production, which customers are willing to pay more for. It's the increase in a product's or service's price compared to its raw material and production costs, allowing a business to increase its profit. Businesses add value through methods such as improving product features, building a strong brand, offering superior customer service, and creating unique or differentiated offerings.