Question 1

Competitive advantage refers to anything that a firm does exceptionally well compared to its competitors. Can include superior customer service, innovative products, strong distribution channels or low pricing.

Question: Give examples of the competitive advantage attained by any existing company.

Question 2

Resources refer to the inputs such as equipment, human resources, processes, patents or finances used by a firm to create its products or services. Resources come from three categories:

- Tangible resources

- Intangible resources

- Human resources

Question: If you were to invest in your own business, explain the resources that you are going to use in the production of your products and services.