Explain the Following Terms: Strategy, Low-Cost Strategy, and Differentiation Strategy

question 48

Essay

Explain the following terms: strategy, low-cost strategy, and differentiation strategy.

---

Definitions:

3-D Printers

Machines that create three-dimensional objects by layering material according to digital models, used in manufacturing, medicine, and more.

Real Output

The total value of goods and services produced by an economy, adjusted for inflation, reflecting the actual physical volume of production.

Diminishing Marginal Returns

A principle stating that as more of a variable input is added to a fixed input, the additional output produced from each new unit of input eventually decreases.

Circulation Numbers

Refers to the number of units (such as newspapers or magazines) distributed to the public within a specified time frame.