The Four Building Blocks of Competitive Advantage Are Superior Efficiency,quality,innovation,and

question 60

True/False

The four building blocks of competitive advantage are superior efficiency,quality,innovation,and responsiveness to customers.

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Definitions:

Brand Loyalty

The tendency of consumers to continuously purchase products from the same brand due to satisfaction, preference, or perceived superiority.

Elastic

A description of a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Inelastic

Describes a situation where the demand or supply for a product does not change significantly when the price of the product changes.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.