What aspect of a company's strategy is focused on creating perceived value that is greater than that of competitors?

The focus on creating perceived value that exceeds that of competitors is best captured by the concept of competitive advantage. Competitive advantage arises when a company successfully differentiates itself from its peers in ways that are meaningful to customers, leading to a superior perception of value. This can stem from various factors, such as innovative products, exceptional customer service, unique branding, or operational efficiencies.

Creating a competitive advantage means that customers see the company's offerings as more desirable compared to competitors. This perceived value enables the company not only to attract customers but also to build loyalty and potentially charge premium prices, enhancing profitability and market presence.

While market positioning does relate closely to how a company presents itself in relation to competitors, it is the competitive advantage that specifically emphasizes the value perception aspect. Competitive strategy, on the other hand, refers broadly to the plans and actions aimed at gaining an edge in the market; it does include concepts like competitive advantage but is a larger framework. The business model details the company's approach to generating revenue and delivering value, but does not inherently focus on the comparative element of perceived value against competitors.