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RG

IN CONTEXT

FOCUS

Business strategy

KEY DATES

1776 UK economist Adam Smith introduces the concept of comparative advantage, where one party has the ability to produce a particular good or service at a lower marginal cost than another.

1960 US economist Theodore Levitt says that rather than finding a customer for their existing product, businesses should find out what customers want, and produce it for them.

1985 Michael Porter publishes Competitive Advantage.

2005 Professors W. Chan Kim and Renée Mauborgne recommend a “blue ocean” strategy for generating growth and profits, in which new demand is created in an uncontested market space.

Consumers have choice. ...

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