A ________ occurs when a firm seeks to be the lowest-cost competitor in the industry.
A)differentiation approach
B)low-cost approach
C)first-mover approach
D)sustainable competitive advantage approach

Question

Quizplus · Accepted Answer

The low-cost approach is the strategy where a firm tries to be the lowest-cost competitor in the industry. This allows them to charge lower prices than competitors and still make a profit, which can lead to a larger market share.

A ________ Occurs When a Firm Seeks to Be the Lowest-Cost