Any management team must understand how it creates value for its customers and decide how to accomplish this goal better than all its competitors. This is a decision about

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competitive advantage.

cost leadership.

customer perspective.

economies of scale.

economies of scope.

engineered cost.

enterprise risk management $($ERM$).$

financial perspective.

internal$-$process perspective.

key success factors $($KSF$).$

learning$/$growth perspective.

organic revenue.

product differentiation.

reengineering.

strategy.

value leadership.

For exciting new products and products with no$$ substitutes, consumers are willing to pay a premium price.