A manufacturer striving to be the lowest-cost producer of a product or service,while charging slightly less than industry-average prices,is pursuing a(n)________.

Question

Quizplus · Accepted Answer

The given scenario describes the pursuit of a cost leadership strategy, where the manufacturer aims to achieve the lowest cost of production while charging slightly lower than industry-average prices. This strategy involves minimizing costs at every stage of production, which enables the firm to offer lower prices to the customers and gain a competitive edge in the market. The other given options, such as differentiation strategy, integrated leadership strategy, and multipoint competition strategy, are not applicable in the given scenario.

A Manufacturer Striving to Be the Lowest-Cost Producer of a Product