Even Where Competitive Advantage Is Not Primarily Based on Cost

question 35

True/False

Even where competitive advantage is not primarily based on cost, a firm needs to be reasonably cost-efficient compared to close competitors.

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Definitions:

Exerted Effort

The amount of physical or mental energy put into a task or activity.

Level Of Expertise

The degree of knowledge or skill in a particular area that an individual or entity possesses.

Internal Hierarchy

The organization of individuals within a group or institution based on levels of authority, responsibility, or rank.

Formal Legitimate Authority

The officially recognized power held by an individual or body, derived from their position within an organizational or legal structure.