Asked by Ailsa Hansen on Jun 15, 2024

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Which of the following strategies is (are) designed to target industry wide markets?

A) low-cost
B) differentiation
C) both of these target industry wide markets
D) neither of these target industry wide markets

Industry Wide Markets

Markets that span across an entire industry, affecting all organizations within that industry.

Low-Cost

Describes products or services offered at a price lower than the market average to attract cost-sensitive consumers.

Differentiation

Relates to distinguishing or creating differences between products, services, or organizational entities to create a competitive advantage.

  • Gain insight into the basic strategies for business: cost minimization, differentiation, and targeted approach.
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Verified Answer

IH
Isabella HardingJun 21, 2024
Final Answer :
C
Explanation :
Both low-cost and differentiation strategies are designed to target industry wide markets. In a low-cost strategy, the company aims to offer products or services at a lower price than competitors while maintaining profitability. This can attract a large customer base across the industry. In a differentiation strategy, the company aims to differentiate their products or services from that of competitors in a way that appeals to a broad customer base in the industry. Both strategies are intended to compete in a larger industry, rather than just targeting a specific niche.