Determining the most profitable businesses and customers and focusing on them is called ________.

Question

Quizplus · Accepted Answer

The practice of determining the most profitable businesses and customers and focusing on them is commonly referred to as "focus strategy" or "focused differentiation." This approach involves targeting a specific group of customers with specific needs and providing them with unique and superior value that cannot be matched by other firms. By focusing on a niche market or a specific customer segment, a business can achieve higher profitability through increased customer loyalty, reduced marketing costs, and higher profit margins.

Determining the Most Profitable Businesses and Customers and Focusing on Them