GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An advantage that occurs when a business is able to offer the same quality product as its competitors, but at a lower price.
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differentiation
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cost leadership
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alliance
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defensive strategy
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Explanation:
Detailed explanation-1: -Competitive advantage refers to the ways that a company can produce goods or deliver services better than its competitors.
Detailed explanation-2: -A competitive advantage is anything that gives a company an edge over its competitors, helping it attract more customers and grow its market share.
Detailed explanation-3: -Cost-based advantage. This is the most obvious way of achieving competitive advantage. Advantage from a differentiated product or service. First mover advantage. Time-based advantage. Technology-based advantage.
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