What is an example of an industry that you think a best-cost strategy could be successful? How would you differentiate a company to achieve success in this industry?
What is an example of an industry that you think a best-cost strategy could be successful? How would you differentiate a company to achieve success in this industry?
Cost-strategy:-
Cost strategy is based on simplicity. Cost leadership aims to reduce costs as much as possible in order to offer customers lower pricing and so increase their savings. High technical aptitude and money availability are typically required for a corporation to invest in technology and ensure economies of scale.
Most of the time, first-movers' cost-cutting strategies result in a considerable rise in market share and capacity utilisation, which further reduces costs.
Note:- I'm generalizing the solution
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