How would a business just starting out implement a cost leadership strategy?
Asked a year ago
Hey, I have recently opened an Amazon-based nutritional supplement e-commerce store. I am trying to look for a way to increase my number of sales compared to larger brands. What are some of the steps I can take to head closer to a cost leadership approach? Any help with this would be appreciated!
Abeeha Qasmi
Wednesday, January 18, 2023
A startup business can implement a cost leadership strategy by identifying the competitors and comparing their costs and product prices.
You should look for ways to cut costs to reduce your product prices and make them more competitive. The idea is that if you're able to lower your costs, it will help you compete against your competitors with higher prices.
If the strategy is implemented correctly, you should gain a significant market share over time by lowering costs and making yourself more competitive.
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