The major avenues for achieving a cost advantage over rivals include

Group of answer choices

outsourcing high$-$cost activities to cost$-$efficient vendors.

performing value chain activities more cost effectively than rivals or revamping the firm's overall value chain to eliminate or bypass some cost$-$producing activities.

having a management team that is highly skilled in cutting costs.

paying lower wages and salaries than rivals.

being a first$-$mover in adopting the latest state$-$of$-$the$-$art technologies, especially those relating to low$-$cost manufacture.