Competitive Advantage Can Be Achieved Through _____ by Finding Ways

question 42

Multiple Choice

Competitive advantage can be achieved through _____ by finding ways and using technology to adjust and tailor products and services to fit customer needs in ways that are difficult for one's competitor to match.

• A) quality
• B) costs
• C) flexibility
• D) delivery
• E) durability

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Definitions:

Entrepreneurs

Individuals who, recognizing opportunities, take on the financial risk of starting and managing a new business venture.

Family Businesses

Businesses owned and operated by multiple family members, often passed down through generations.

Formal Business Plan

A comprehensive document that outlines the strategic direction, goals, and operational plans of a business.

Action

The act or process of doing something, typically to achieve an objective or accomplish a goal, often requiring decision-making and initiative.