To succeed in the retail industry,firms like Walmart need to strive to be the lowest cost producer,or they must somehow differentiate their products.

Question

Quizplus · Accepted Answer

This statement is true. In the highly competitive retail industry, firms need to focus on either being the lowest cost producer or differentiate their products to stand out from the competition. Walmart, for example, focuses on offering low prices to appeal to a wide range of customers.

To Succeed in the Retail Industry,firms Like Walmart Need to Strive