While There Are Many Routes to Competitive Advantage, the Two

question 98

Multiple Choice

While there are many routes to competitive advantage, the two biggest factors that distinguish one competitive strategy from another are

• A)whether a company can build a brand name and an image that buyers trust.
• B)whether a company's target market is broad or narrow and whether the company is pursuing a low-cost or differentiation strategy.
• C)whether a company can achieve lower costs than rivals and whether the company is pursuing the industry's sales and market share leader's role.
• D)whether a company can offer the lowest possible prices and whether the company can get the best suppliers in the market.
• E)whether a company's overall costs are lower than competitors' and whether the company can achieve strong product differentiation.

Analyze the role of product and service differentiation in competitive markets.

Grasp the importance of flexibility in entrepreneurial business models.

Discern between different revenue streams and pricing strategies.

Appreciate the significance of customer relationships and loyalty in building a successful business model.

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Definitions:

Anti-Slavery

Opposition to the practice of slavery and the slave trade, advocating for the abolition of slavery and the emancipation of enslaved people.

Secretary of War Henry Knox

A leading military officer of the Continental Army during the American Revolution who later served as the first United States Secretary of War under President George Washington.

U.S. Policy

Refers to the overarching strategies and stances that the United States government adopts towards domestic and international issues.

Constitutional Convention

A gathering in 1787 in Philadelphia where the Constitution of the United States was drafted, replacing the Articles of Confederation.