What Is Competitive Advantage? Identify Five Forces That Cause Firms

question 74

Essay

What is competitive advantage? Identify five forces that cause firms to seek competitive advantage.

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Definitions:

Agricultural Revolution

The significant transformation in agriculture that began in the 18th century, marked by improved techniques and tools that significantly increased food production.

Third Wave

A term used in different contexts; in sociology, it refers to the third phase of the feminist movement; in technology, it refers to the third era of computing and digital innovation.

Sustainability

Practices and strategies for maintaining ecological balance by avoiding depletion of natural resources.

Balance

An equilibrial state where different elements are in the correct proportions or positions, often used figuratively to denote a well-proportioned mix of work, life, and activities.