Asked by khalid almaadeed on Jul 21, 2024
Verified
Using the focus strategy, a firm concentrates on a segment of the market, competing on the basis of either differentiation or cost leadership.
Focus Strategy
A competitive approach where a business targets a specific niche market, emphasizing a singular product or service to gain a competitive edge.
Differentiation
The process of distinguishing or separating items or individuals based on specific characteristics or criteria.
Cost Leadership
A strategic approach where a company aims to become the lowest cost producer in its industry, offering its products or services at a lower price than its competitors.
- Understand the different levels and types of strategies in business.
Verified Answer
AB
Amrit BajwaJul 25, 2024
Final Answer :
True
Explanation :
The focus strategy involves concentrating on a specific segment of the market and competing based on differentiation or cost leadership within that segment.
Learning Objectives
- Understand the different levels and types of strategies in business.