In fast-cycle markets, firms achieve their competitive advantage by:
A)increasing the speed of innovation
B)rapid imitation of competitors
C)the use of differentiation strategies
D)increasing market size

Question

Quizplus · Accepted Answer

In fast-cycle markets, the speed of innovation is crucial for firms to stay ahead of the competition. This allows them to introduce new products or services quickly, which can give them a competitive edge. Rapid imitation of competitors can be helpful, but it is not a reliable long-term strategy. The use of differentiation strategies can also be effective, but it is not the primary means by which firms achieve competitive advantage in fast-cycle markets. Increasing market size can have benefits, but it is not specific to fast-cycle markets and may not necessarily lead to a competitive advantage.

In Fast-Cycle Markets, Firms Achieve Their Competitive Advantage By