A competitive advantage can be gained by doing what?

A competitive advantage can be gained by doing what?
A . Increasing your prices
B. Engaging in market research
C. Building better relationships with primary stakeholders
D. Completing formal tenders for all buying requirements

Answer: C

Explanation:

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