What is the term for an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control?
A) Marketing strategy
B) Product differentiation
C) Cost leadership
D) Competitor differentiation

Question

Quizplus · Accepted Answer

The term for an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control is cost leadership. Cost leadership is a business-level strategy that aims to achieve the lowest production or operational costs and, therefore, be able to offer the lowest prices compared to competitors while maintaining a reasonable profit margin.

What Is the Term for an Organization's Ability to Achieve