Which of the following types of competitive strategies most likely will be effective for an industry in which the product is a standardized commodity?

Question

Quizplus · Accepted Answer

For a standardized commodity product, the most effective competitive strategy is to achieve Low-cost leadership. This means that the company focuses on reducing costs as much as possible while maintaining a comparable level of quality as competitors. This enables the company to offer lower prices to customers, which is a major factor in purchasing decisions when the product is a standardized commodity.

Which of the Following Types of Competitive Strategies Most Likely