The concept of efficiency as a building block of competitive advantage applies to:
A) all products produced by a firm.
B) products consumers believe to be high-quality; not low-quality.
C) only those products of a firm popular among a large customer base.
D) custom-made products only.
E) only those products that have been redesigned.

Question

Quizplus · Accepted Answer

Efficiency is a crucial building block of competitive advantage that applies to all products produced by a firm. It enables the firm to produce goods and services at a lower cost compared to its competitors, thereby allowing it to offer lower prices or earn more profit margins while maintaining quality standards.

The Concept of Efficiency as a Building Block of Competitive