According to Porter, what are the two ways that a firm can gain a significant advantage over rival competitors? What will be an ideal response?

Porter developed two ways which can be used by firms to acquire a substantial advantage over their competitors in the market. Firstly, the differentiation advantage enables an organization to present better services and products to the market than its competitors. Moreover, the strategy entails developing a unique way that can be used to identify a company's products and cement authenticity. Secondly, the cost advantage enables a firm to provide better goods and services at a lower cost than its rivals.