Firms use a ________ strategy to provide a specialized product or service for a narrow target market better than competitors.
A)product differentiation
B)market niche
C)mass customization
D)process efficiency
E)low-cost leadership

Question

Quizplus · Accepted Answer

The definition given in the question perfectly matches the concept of a market niche strategy. This strategy involves catering to a specific, narrow target market with a specialized product or service that competitors cannot provide as effectively. Product differentiation focuses on making a product or service unique in the broader market, while mass customization aims to meet individual customer needs on a large scale. Process efficiency and low-cost leadership are strategies focused on maximizing operational efficiency and reducing costs, respectively.

Firms Use a ________ Strategy to Provide a Specialized Product