A major strategy for competitive success is satisfying customer needs at lower costs than other firms are able to achieve-thus allowing the use of cost savings to develop new lines of business or service for better satisfying customers, as well as for reducing costs for the customer for products or services.

Question

Quizplus · Accepted Answer

This statement is true. Achieving cost savings allows a company to invest in research and development for new products and services that satisfy customer needs better. It also allows companies to offer products and services at a lower price, making it more accessible and affordable for customers.

A Major Strategy for Competitive Success Is Satisfying Customer Needs