Final answer:
The approaches to gain competitive advantage include cost leadership, imitation, and market saturation, while random selection is not a valid strategy. Firms may also differentiate products or innovate to create a competitive edge.
Step-by-step explanation:
The approaches that can utilized when strategizing for competitive advantage are as follows: Cost leadership, which involves setting the lowest operational cost in the industry and the lowest prices, Imitation, which involves duplicating the successful strategies of competitors, and Market saturation, which involves filling the market with your product to capture a large share and prevent competitors from increasing their own. 'Random selection' is not a strategy for gaining a competitive advantage. Additionally, firms can also focus on product differentiation, innovation, and customer service to create a competitive edge.