One of the Generic Business Strategies That Requires a Product

question 158

Multiple Choice

One of the generic business strategies that requires a product to have significant points of difference to charge a higher price while targeting a broad array of market segments is referred to as a

• A) differentiation focus strategy.
• B) cost focus strategy.
• C) cost-leadership strategy.
• D) differentiation strategy.
• E) supply focus strategy.

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Definitions:

Production Function

An equation, table, or graph that indicates the maximum output a firm can produce with a given set of inputs, under certain technological constraints.

Returns To Scale

The rate at which production output increases in response to a proportional increase in all inputs (labor, capital, etc.).

Production Function

An equation that describes the relation between inputs used in production and the output resulting from their use.

Input

Resources used in the process of production, including labor, materials, and capital.