The largest retail chain is Wal$-$Mart with $$446$ billion in revenues for the fiscal year ended January $31,2012.$ Wal$-$Mart$$s strategy of always low prices means that it must strive for competitive advantage in its overall cost structure. In particular it works with suppliers to assure that it can always buy at a lower cost than its major direct competitors. What is a low cost leadership strategy?

Group of answer choices

Cost leadership is competitive advantage based on having lower costs than the competition in a given industry.

Cost leadership is competitive advantage based on having higher costs than the competition in a given industry.

Cost leadership is competitive advantage based on having more efficient supply chain than the competition in a given industry.

Cost leadership is competitive advantage based on having lower costs than the competition across many industries.

all of these.