There are several basic approaches to competing successfully and gaining a competitive advantage over rivals, such as:
A. finding effective and efficient ways to strengthen the company's competitive assets and to reduce its competitive liabilities.
B. delivering more value to its customers than rivals or delivering value more efficiently than rivals (or both).
C. getting in the best strategic group and establishing a dominating role.
D. entering into strategic alliances, utilizing mergers or acquisitions to strengthen its market position, outsourcing some in-house activities to outside specialists, and integrating forward or backward.
E. All of these.
Answer: delivering more value to its customers than rivals or delivering value more efficiently than rivals (or both).