Vanguard has achieved a low$-$cost advantage over its rivals in the investment management industry through which of the following?

Multiple Choice

Offering large promotional discounts

Offering differentiated investments at reasonable prices

Effectively managing internal activities and finding innovative solutions to eliminating or bypassing cost$-$producing activities.

Refraining from using price cuts to steal sales away from rivals and avoid price wars

Charging a price roughly equal to those of lower$-$priced rivals