Identify a true statement about competitive advantage.
A)Successful businesses generally have only one source of competitive advantage.
B)Businesses must develop an effective mission statement before developing a list of what might constitute its competitive advantage.
C)An effective mission statement and sustainable advantage are mutually independent of each other.
D)The predominant approach used by strategists to gain competitive advantage is the resource-based perspective.

Question

Quizplus · Accepted Answer

The resource-based perspective is a predominant approach used by strategists to gain competitive advantage by focusing on leveraging the unique resources and capabilities of a company. Option A is incorrect as successful businesses can have multiple sources of competitive advantage. Option B is incorrect as developing an effective mission statement is not a prerequisite for identifying a company's competitive advantage. Option C is incorrect as an effective mission statement can help a company communicate and align its sustainable advantage with its overall goals and values.

Identify a True Statement About Competitive Advantage