A Firm Can Create Competitive Advantage by Responding Better Than

question 11

True/False

A firm can create competitive advantage by responding better than rivals to changes in its environment or by maintaining strategic differences from its rivals that customers accept

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Definitions:

Decision-making Process

A sequence of steps that leads from identifying a problem to arriving at a decision and its implementation.

Modified Solution

An adapted or altered approach designed to solve a problem more effectively after considering new information or circumstances.

Anchoring And Adjustment Heuristic

A cognitive bias where an individual relies too heavily on an initial piece of information (anchor) to make subsequent judgments or decisions.

Readily Available

Something that is easily accessible or obtainable without much effort or delay.