Maddox Corp., a smartphone manufacturer, in the initial years of its entry into the market, adopted a deliberate strategy of quickly capturing a sizeable portion of the market share by lowering the selling price of its smartphones. Which business strategy has the company adopted in the given example?

Question

Quizplus · Accepted Answer

Maddox Corp. adopted a cost-leadership strategy by lowering the selling price of its smartphones to capture a significant market share, which is characteristic of offering products or services at the lowest possible cost to attract a large customer base.