Which type of strategy requires a firm to be the lowest-cost producer within the market?
A) Price-based
B) Marketing-based
C) Efficiency-based
D) Cost-based

Question

Quizplus · Accepted Answer

The strategy that requires a firm to be the lowest-cost producer within the market is called cost-based strategy. This strategy aims to provide goods or services at a lower cost than competitors while maintaining a reasonable profit margin. By focusing on reducing costs, firms can offer products at a lower price point, which can attract price-sensitive customers and increase market share.

Which Type of Strategy Requires a Firm to Be the Lowest-Cost