Which of the following statements best describes competitive advantage?
a.
It refers to the pressure a supplier or buyer can exert on a company.
b.
It is the advantage that occurs when a firm offers products to all customers at higher prices.
c.
It derives from a firm's ability to create value for its customers that exceeds the cost of producing the product or service.
d.
It is the capability to identify and react to changes in the external environment and to mobilize internal resources to deal with those changes.
Answer: c