Final answer:
The strategy not commonly used for building a sustainable competitive advantage is 'sticking with an outdated business model.' This approach can hinder a company's ability to innovate and remain competitive. Option A is correct answer.
Step-by-step explanation:
The student has asked which strategic approach is not one of the most frequently used strategies for building a sustainable competitive advantage. Through the process of elimination, we can evaluate the options provided:
- a. sticking with an outdated business model
- b. focusing on a narrow market niche within an industry
- c. striving to be the industry's low-cost provider
- d. developing an advantage based on offering more value for the money
- e. creating a differentiation-based advantage over rivals
Options b, c, d, and e are all well-known strategies in strategic management. They involve focusing on a core competency, competing on cost, providing superior value, and creating distinct offerings, respectively. In contrast, option a, sticking with an outdated business model, is generally not a strategy for achieving a competitive advantage, as it can lead to falling behind in a dynamic market where innovation is critical. Therefore, the correct answer is a. sticking with an outdated business model.