Offering lower prices is the best method for a small business to establish its competitive edge.

Question

Quizplus · Accepted Answer

Offering lower prices may attract customers in the short term, but it is not a sustainable competitive advantage for a small business. Competitors can quickly copy this strategy and engage in a price war, leading to a decrease in profit margins and potentially driving the business out of the market. Other strategies, such as offering excellent customer service, unique products or services, or focusing on a niche market, can be more effective ways for small businesses to establish a competitive edge.

Offering Lower Prices Is the Best Method for a Small