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)Enterprise Resource Planning

Question

Quizplus · Accepted Answer

Michael Porter suggested that a firm can develop a competitive advantage through low-cost production, which can allow the firm to offer lower prices to customers or to maintain higher profit margins. Supply chain management, just-in-time management, and enterprise resource planning can be tools to support this strategy, but they are not the primary way to develop a competitive advantage according to Porter's framework.

Michael Porter, a Management Strategy Expert, Developed a Strategic Framework