Michael Porter,a management strategy expert,developed a strategic framework in which a firm has ways to develop a competitive advantage.Which of the following is one of the ways Porter suggested a firm use to develop a competitive advantage?
A)Supply chain management
B)Low-cost production
C)Just-in-time management
D)None of these ans choices are correct

Question

Quizplus · Accepted Answer

Michael Porter suggested that a firm can develop a competitive advantage by achieving a low-cost production strategy. This means that the firm can produce goods and services at a lower cost compared to its competitors, allowing it to offer lower prices or higher profit margins. Supply chain management and just-in-time management can be part of achieving low-cost production but are not in themselves the ways to develop a competitive advantage according to Porter's framework.

Michael Porter,a Management Strategy Expert,developed a Strategic Framework in Which