Asked by Kelsey Moses on May 29, 2024
Verified
Firms maintain their completive edge by
A) Providing a good at lower costs than their rivals
B) Providing a superior product at the same cost as your rival
C) Being innovative
D) All the above
Competitive Edge
The unique advantage a company or product has over its competitors, making it more attractive to consumers or clients.
Lower Costs
The reduction in the expenses incurred in the production of goods or services, enhancing a company's profitability.
Innovative
Innovative refers to the introduction of new ideas, methods, or products that aim to improve efficiency, effectiveness, or competitive advantage.
- Comprehend how firms can maintain competitive advantage through cost leadership, differentiation, and innovation.
Verified Answer
VJ
Vaishvi JoshiMay 29, 2024
Final Answer :
D
Explanation :
Firms can maintain their competitive edge by providing a good at lower costs than their rivals, providing a superior product at the same cost as their rival, or being innovative. Therefore, all options are accurate.
Learning Objectives
- Comprehend how firms can maintain competitive advantage through cost leadership, differentiation, and innovation.