What are the characteristics of a cost leadership strategy?
Asked 4 years ago
I was looking at different business strategies when I came across a cost leadership strategy. I don't really understand it. Can someone please explain its characteristics to me? Thanks in advance.
Jolina Regin
Saturday, January 15, 2022
Characteristics of businesses using the cost leadership strategy are:
- Firms target niches with high demand
- The company spends little on advertising, research, and developments
- The company charges the least prices in the industry
- The company has a broad customer base
- Every business process of the company is cost-efficient
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