Competitive Advantage

Competitive Advantage = Performing strategically important activities more cheaply or better that your competitors. Success of which is mainly measured by market share. Michael Porter identified three generic strategies to Competitive Advantage: Cost Leadership – Seeking to become the lowest cost producer in an industry. Differentiation – Seeking to exploit a product or service perceived as … More Competitive Advantage

New Kid on the Block

Hello & Welcome… Hello Ladies and Gentlemen and welcome to ‘Blog for Buyers’ created and brought to you by Luminary Group Ltd. We might be a completely new company in the Universe but that does not mean we are not ready and raring to go – because we are! Our journey has only just begun … More New Kid on the Block

Let the Buyer Beware

The common law principle Caveat Emptor (Latin for ‘let the buyer beware‘) stated that a buyer could not claim damages for defects which made goods or services unfit for purpose, unless the seller has actively concealed these defects. In other words, the buyer had no warranty as to quality: they had to take responsibility for … More Let the Buyer Beware

The Element of ‘Acceptance’ in a Legally Binding Agreement

There are certain specific requirements that must exist in order for a Contract to be legally binding. One party (the offeror) makes an offer, the first element, which is a clear and definite proposal that requires no further negotiations and can be turned into an agreement simply by acceptance, the second element. Acceptance = An unconditional … More The Element of ‘Acceptance’ in a Legally Binding Agreement

The Element of ‘Offer’ in a Legally Binding Agreement

There are certain specific requirements that must exist in order for a Contract to be legally binding. One party (the offeror) makes a clear and definite proposal that requires no further negotiations and can be turned into an agreement simply by acceptance, this is an offer, the first element. Made expressly – spoken or in … More The Element of ‘Offer’ in a Legally Binding Agreement