Explain how a company can gain a competitive advantage using each of the three strategies described in this chapter: cost leadership, differentiation, and focus.
Answer to relevant QuestionsWhat factors should an entrepreneur consider before choosing a form of ownership? Explain why one partner cannot commit another to a business deal without the other’s consent. What advantages can an entrepreneur who buys a business gain over one who starts a business “from scratch”? Why might an independent entrepreneur be dissatisfied with a franchising arrangement? What objectives should a marketing plan accomplish?
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