What Are the Keys to Sustaining a Focused Low-Cost Strategy

question 65

Essay

What are the keys to sustaining a focused low-cost strategy?

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Definitions:

Maslow Hierarchy

A theory in psychology proposed by Abraham Maslow, depicting a five-tier model of human needs, arranged in a pyramid with basic needs at the bottom and self-actualization at the top.

Psychosocial Influences

The impact of societal and interpersonal factors on an individual's thoughts, feelings, and behaviors, particularly in the context of consumer behavior.

Products Pyramid

A hierarchical representation of a company’s product lines or portfolio, ranging from the core, fundamental products to niche, specialized items.

Motivation

The process that initiates, guides, and maintains goal-oriented behaviors, driving individuals to pursue and attain goals.