Fill in the blank with "<u>cost competitive advantage</u>," which means being a low-cost or inexpensive competitor in an industry while maintaining acceptable profit margins.
A competitive advantage is a feature of a company that is regarded as important by its target market. There are 3 competitive advantages:
1. Cost competitive advantage
2. Niche Strategies
3. Product or Services Differentiation
Thus, if your company has a cost competitive advantage, it means that you can leverage your skilled workforce, low-cost materials, tightly controlled expenses, and efficient operations to create unique value in the market while maintaining satisfactory profit margins.
Firms' costs can be kept to a minimum and goods produced in a very cost-effective manner, while others may use offshore connections to keep their costs low.
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