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:

Spotting Trends

The practice of identifying patterns or shifts in markets, consumer behaviors, or other areas over a period of time.

Repetitive Processes

Operations or activities that are performed in the same manner, allowing for efficiency and standardization, often found in manufacturing or production environments.

International Organization for Standardization

An independent, non-governmental international organization that develops and publishes global standards.

National Standards Groups

Organizations dedicated to establishing norms and regulations to ensure quality, safety, and efficiency across various sectors within a country.