Creating a Competitive Advantage by Holding Down Costs to Provide

question 91

Multiple Choice

Creating a competitive advantage by holding down costs to provide customers the lowest priced products is known as ______.

• A) operational excellence
• B) product leadership
• C) customer intimacy
• D) least cost pricing method

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Definitions:

Competition Research

The process of gathering and analyzing data about competitors in the market, including their strategies, strengths, weaknesses, and market position.

Early Adopter

An individual or organization that starts using a new product, technology, or innovation early in its life cycle before the general population does.

Laggards

Individuals or entities that are slow to adopt or resist new technologies, innovations, or changes within a market or society.

Late Majority

A segment of a market or population that adopts a new product, innovation, or technology after the average member of the society.