Focus Strategies Are

question 94

Multiple Choice

Focus strategies are:

• A) associated only with cost leadership.
• B) associated only with differentiation.
• C) associated with both cost leadership and differentiation strategies.
• D) typically avoided due to their high risk.

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Definitions:

Profit Motive

The driving force behind business activities focused on achieving financial gain.

Long-Run Economic Profit

The sustainable profit a firm earns over time, assuming entry and exit in the market are possible and adjustments have been made.

Self-Interest

An individual's personal gain or advantage, especially when pursued without regard for others.

Price-Taker Markets

Markets in which individual sellers or buyers have no control over setting prices and must accept the prevailing market price.