The fact that some firms such as BASF, Exxon, and General Electric have been leaders in their industries for almost a century, indicates that:

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The fact that certain firms have maintained their leadership position for almost a century indicates that they have built the capability to adapt to changes in their environment time and time again, which is a key factor for long-term success. It is not necessarily economies of scale, size, or age that are the critical variables for profitability and success.

The Fact That Some Firms Such as BASF, Exxon, and General