When a firm provides a specialized product or service for a narrow target market better than competitors, they are using a ________ strategy.
A) product differentiation
B) market niche
C) mass customization
D) process efficiency

Question

Quizplus · Accepted Answer

A market niche strategy involves offering a specialized product or service for a narrow target market, which can be done better than competitors. Product differentiation focuses on making a product different from competitors, but not necessarily specialized for a narrow market. Mass customization involves personalizing a product for individual customers, and process efficiency is focused on improving operational processes to reduce costs and improve efficiency.

When a Firm Provides a Specialized Product or Service for a Narrow