Long-lasting competitive advantages include

Question

Quizplus · Accepted Answer

Long-lasting competitive advantages include patents, brand names, and economies of scale. Patents protect a company's intellectual property, preventing competitors from copying or producing similar products. Brand names create brand recognition, loyalty and help the firm to differentiate its products from the competitors. Economies of scale help to reduce the cost of production as they produce products in bulk that leads to cost advantages. Thus, the combination of the three gives the firm a competitive advantage.

Long-Lasting Competitive Advantages Include