Which of These Refers to Business Strategies That Seek to Establish

question 2

Multiple Choice

Which of these refers to business strategies that seek to establish long-term competitive advantages by emphasizing and perfecting value chain activities that can be achieved at costs substantially below what competitors are able to match on a sustained basis?

• A) Differentiation strategies
• B) Grand strategies
• C) Low-cost strategies
• D) Speed-based strategies

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Definitions:

Loyal

Exhibiting strong allegiance or fidelity to a person, cause, or organization.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his works "The Wealth of Nations," a cornerstone of modern economic theory.

Invisible Hand

A metaphor introduced by Adam Smith to describe the unintended social benefits of individual self-interest actions.

Free Market

An economic system in which prices for goods and services are determined by the open market and consumers, where the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.