When a firm's product delivers unique value because of an actual or perceived uniqueness in a broad market, it is said to have a cost-leadership advantage.

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Having a cost-leadership advantage means the firm's product is able to offer the lowest cost in the market, not necessarily deliver unique value. When a product delivers unique value because of actual or perceived uniqueness, it is said to have a differentiation advantage.

When a Firm's Product Delivers Unique Value Because of an Actual