The major avenues for achieving a cost advantage over rivals include

being a first-mover in adopting the latest state-of-the-art technologies, especially those relating to the Internet, digital technologies, and e-commerce.
outsourcing high-cost activities to cost-efficient vendors.
focusing on the firmâ€™s value chain to eliminate or bypass some cost-producing activities and/or out-managing rivals in the efficiency with which value chain activities are performed
pursuing both backward and forward integration so as to maximize scale economies and gain full control of the cost-drivers across the entire industry value chain.

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The major avenues for achieving a cost advantage over rivals include

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