Asked by Dominika Roybal on May 09, 2024
Verified
The low-cost strategy is based on a companies' ability to provide a product or service at a lower cost than it's rival.
Low-Cost Strategy
A business approach aimed at gaining a competitive advantage by minimizing costs while maintaining acceptable quality and pricing for products or services.
Rival
A rival is a competitor or opponent who is in contention with another for the same objective or for superiority in the same field.
- Master the theories and practical applications of strategic management approaches, such as focus, differentiation, and cost leadership strategies.
Verified Answer
BJ
Brenden JohnsonMay 14, 2024
Final Answer :
True
Explanation :
The statement correctly describes the low-cost strategy as being based on offering products or services at a lower cost than competitors.
Learning Objectives
- Master the theories and practical applications of strategic management approaches, such as focus, differentiation, and cost leadership strategies.
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