BUSINESS ADMINISTRATION
MANAGEMENT INFORMATION SYSTEM
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Being a low cost producer
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Differentiating products
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Using low cost materials of low quality
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Changing the scope of the competition
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Detailed explanation-1: -Low-cost strategy enables the firm to sell its product/service with a lower price compared to its competitors because of lower costs of producing products/service; as a result of this, they win a competitive advantage in the industry.
Detailed explanation-2: -Low Cost Strategy Example Low cost strategy is used by lot of domestic airlines which offer tickets at a very low price to acquire customers and first time fliers. This was made possible by adding frequent sectors in the routes and offering no-frills flying experience and more seating in one flight.
Detailed explanation-3: -Answer and Explanation: The answer is 5) A market share dominator strategy. The strategy to dominate market share is not one of Porter’s generic strategies for competition. The key generic types of competitive strategy are the best-cost provider, low-cost provider, differentiation, and focused low-cost.