Basic strategy for attaining competitive advantage

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Question

Michael Porter argues that Michael Porter argues that standardization of product is a basic strategy for attaining a competitive advantage in an industry. those firms that create superior value will achieve superior profitability. it is necessary for a firm to have the lowest cost structure or create the most valuable product. it is important that the gap between value and the cost of production be smaller than that of competitors.

Reference no: EM133641505

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