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A competitive advantage can be gained by doing what?
Suggested Answer: C
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The correct answer is 'Building better relationships with primary stakeholders'. This is a direct quote from the start of chapter 2.2: 'building better relationships with primary stakeholders such as employees, customers, suppliers and communities could lead to increased shareholder wealth by developing a competitive advantage'. The other three options wouldn't give you a competitive advantage; increasing prices would do the opposite, engaging in market research won't give you a competitive advantage unless you do something with that research such as implement a change to your business, and completing formal tenders for everything would be a waste of time and resources- there's no need to tender for low value, low risk items. See p.80
21 comments · newest first
LA
Laurena
11 months ago
Strong relationships can definitely lead to competitive edges!
LE
Lera
12 months ago
I thought formal tenders were just a hassle, not a strategy.
RO
Royal
12 months ago
Really? Increasing prices for an advantage seems off.
SH
Sherron
1 year ago
Totally agree, building relationships is key!
AI
Ailene
1 year ago
Engaging in market research helps identify customer needs.
GR
Gregoria
1 year ago
Completing formal tenders sounds more like a compliance issue than a competitive strategy. I’m leaning towards option C, but I’m still debating.
SH
Shasta
1 year ago
Increasing prices might not be the right way to gain an advantage unless you’re offering something unique. I feel like I’ve seen similar questions before.
ED
Edda
1 year ago
I remember a practice question about building relationships with stakeholders. It seems like that could lead to a strong competitive edge, but I’m not confident.
CA
Catina
1 year ago
I think engaging in market research could definitely help identify customer needs, but I'm not entirely sure if that's the best option for gaining a competitive advantage.
KA
Katie
1 year ago
I'm not sure about this one. Completing formal tenders for all buying requirements doesn't seem like it would directly lead to a competitive advantage. I'll have to think it through more.
PA
Paz
1 year ago
Ooh, I think the answer is building better relationships with primary stakeholders. That's a key way to gain a competitive advantage by understanding your customers and partners better.
RA
Rasheeda
1 year ago
Hmm, I'm a bit unsure about this one. Increasing prices doesn't seem like it would give you a competitive edge. Maybe the market research option could work, but I'm not totally confident.
SA
Sarina
1 year ago
This seems like a straightforward question about competitive advantage. I'll think through the options carefully and choose the one that best aligns with the concept.
WI
William
1 year ago
Building better relationships with primary stakeholders - that's got to be the way to go. Strengthening those connections can give you an advantage over the competition. I feel good about this one.
MI
Milly
1 year ago
Okay, I've got this. Engaging in market research is key to understanding your customers and competitors, which is essential for gaining a competitive edge. That's got to be the right answer.
MA
Marget
1 year ago
Hmm, I'm a bit unsure about this one. Increasing prices doesn't seem like it would give you a competitive advantage, but I'm not totally confident in the other options either. I'll have to think it through.
JU
Juan
1 year ago
This seems like a pretty straightforward question about competitive advantage. I'll think through the options carefully and choose the one that best aligns with the concept.
MI
Micah
1 year ago
I remember learning about LTPA keys in class, but I can't quite recall the details. I'll have to use the process of elimination to try to figure this out.
AM
Amalia
1 year ago
I'd go with "substantialness" since it covers both growth and competitiveness, but I remember feeling uncertain about this topic in class.
TY
Ty
1 year ago
I feel pretty confident that the correct answer is that Pacific Suites should have ensured its existing data access and storage procedures were integrated into PHT's system. That seems like the most comprehensive way for the parent company to have protected the sensitive information.
AL
Allene
1 year ago
The command to sync the hardware clock to the system clock is "hwclock". No need for any path or parameters.