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Which of the following marketing strategies emphasizes offering services at a lower price than rival services with comparable features?
Which of the following marketing strategies emphasizes offering services at a lower price than rival services with comparable features?
A . Cost leadership
B . Service differentiation
C . Customer focus
D . Market responsiveness
Answer: A
Explanation:
Cost leadership is a strategy where a company aims to become the lowest-cost producer in its industry. By offering services or products at a lower price than competitors, while maintaining comparable features, the company can attract price-sensitive customers. Here’s an explanation of the options:
Cost leadership: Focuses on minimizing costs and passing on savings to customers through lower prices.
Service differentiation: Involves offering unique services that justify a higher price.
Customer focus: Prioritizes customer needs and tailoring services/products to meet those needs.
Market responsiveness: Involves quickly adapting to market changes and customer demands.
Therefore, cost leadership emphasizes offering services at a lower price while maintaining comparable features to rival services.
Reference: Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance.
Barney, J. B., & Hesterly, W. S. (2012). Strategic Management and Competitive Advantage.
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