Which statement regarding competitive advantages is true? Select one: a. With an overall cost leadership strategy, firms need not be concerned with parity on differentiation. b. If several competitors pursue similar differentiation tactics, they may all be perceived as equals in the mind of the consumer. c. In the long run, a business with one or more competitive advantages is probably destined to earn normal profits. d. Attaining multiple types of competitive advantage is a recipe for failure.

Letter b is correct. If several competitors pursue similar differentiation tactics, they may all be perceived as equals in the mind of the consumer.

Explanation:

This statement is the most appropriate to answer this question about competitive advantages, because a competitive advantage can be described as a certain advantage that an organization has in relation to its competitors. Some of these advantages may be greater access to raw materials, more qualified labor, barriers to entry, geographic location, differentiation of products and services, etc.

Therefore, when several competitors adopt similar differentiation tactics, the consumer does not have enough attributes to differentiate one brand from another, so all competitors can be perceived as equal in the consumer's mind.