Of the factors that are within the control of the firm's owners, the most important factors that make a firm successful are
A)the establishment of trademarks for its products and the aggressive defense of those trademarks.
B)lobbying government to erect or enforce entry barriers in its markets and the marketing of its products as widely as possible.
C)the differentiation of its products and the production of products at a lower average cost than competing firms.
D)the selection of the prices of its products and the selection of the most productive and loyal employees.

Question

Quizplus · Accepted Answer

The differentiation of products allows a firm to create a unique and desirable product, which gives it a competitive advantage. Producing at a lower cost than competitors allows a firm to offer lower prices or higher profits, both of which can lead to success. While trademark protection and government lobbying can be helpful, they are not as important as product differentiation and cost competitiveness. Price selection and employee selection are also important, but they are not as fundamental to success as the other factors listed.

Of the Factors That Are Within the Control of the Firm's