Question

A veterinary practice has added a pet boarding and grooming facility. Most of the practice's competitors also provide these services. The veterinary practice is gaining competitive:

Answer 1

The veterinary practice is gaining competitive because of its parity with comparison to competitors.

What is a competitive advantage?

Factors that enable a corporation to produce goods or services quicker or more cheaply than its competitors are referred to as competitive advantage. These enable the producing unit to earn higher sales or higher margins than its competitors.

There are various strategies used by competitors to gain competitive advantage which include cost leadership strategy, differentiation strategy as well as focus strategy.

In cost leadership, the strategy of low cost will be the focus, whereas in differentiation strategy segmentation of market-based on customers preferences will be done.

A veterinary practice uses parity as a competitive advantage where the goal is not to enhance business performance but to maintain the same market share. Competitive parity is a budgeting strategy used to protect a brand's image and market position.

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