What Are Four Generic Strategies That May Be Used in Cost

question 40

Essay

What are four generic strategies that may be used in cost management to deal with uncertainty?

---

Definitions:

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a specific target market.

Research And Development

The systematic activity combining both basic and applied research, and aimed at discovering solutions to problems or creating new goods and knowledge.

Financial Resources

Monetary assets that are available and can be used to facilitate transactions or investments by individuals or organizations.

Focused Strategy

A business approach that targets a particular market niche or demographic with tailored products or services.