Final answer:
Companies that invest in a well-respected brand name will create long lasting competitive advantages that are difficult to duplicate.
Step-by-step explanation:
Jeffrey Pfeffer says that companies that invest in a well-respected brand name that has been carefully built up over many years will create long lasting competitive advantages that are difficult to duplicate.
Having a strong brand name allows companies to differentiate themselves from competitors, build customer loyalty, and command higher prices. It also gives them a reputation for quality and reliability, which can be difficult for new entrants to match.
Examples of companies with well-respected brand names include Coca-Cola, Apple, and Nike. These companies have successfully built up their brands over many years through consistent messaging, high-quality products, and positive customer experiences.