What are the two different generic business strategies available to firms?
What will be an ideal response?
There are two fundamentally different generic business strategies-differentiation and cost leadership.
A differentiation strategy seeks to create higher value for customers than the value that competitors create, by delivering products or services with unique features while keeping costs at the same or similar levels.
A cost-leadership strategy, in contrast, seeks to create the same or similar value for customers by delivering products or services at a lower cost than competitors, enabling the firm to offer lower prices to its customers.
You might also like to view...
Oscar has a degenerative eye disease that is causing him to gradually lose his eyesight. When Oscar asked his employer to purchase a low vision computer for his use at work, he was instead let go. This violates provisions of the
A. Civil Rights Act, Title VII. B. Patient Protection and Affordable Care Act. C. Occupational Safety and Health Act (OSHA). D. Americans with Disabilities Act (ADA). E. Privacy Act.
Lexus developed new diesel models as well as a gas-hybrid engine because Germans want the option of buying vehicles with diesel engines
Indicate whether the statement is true or false
Tom Jones considers which of the following to cause an act to have a high moral intensity?
a. It has high temporal immediacy. b. It has low social consensus. c. It has a very widely dispersed effect. d. It harms those very close to it.
In terms of nurturing a corporate culture, Canada's Cirque du Soleil was transformed by Guy Laliberte who
A. was poor at rooting out unethical behaviour. B. maintained the status quo. C. set a firm direction. D. pushed himself and his artists to continuously experiment.