A cost leader must respond to the strategic moves of its differentiated competitors. The given statement is True.
What is cost leadership?
- The phrase "cost leadership" is used when a business positions itself as the industry's lowest-cost producer or supplier of a specific good or service.
- Because the management must constantly seek to reduce costs at every level to remain competitive, implementing the approach is challenging.
- One aspect of marketing strategy is cost leadership. Although it is quite effective at capturing market share and grabbing customers' attention, it is challenging to implement.
The company's management team must continuously strive to bring down the price of not just one product but the entire array of goods offered by the business.
Therefore, A cost leader must respond to the strategic moves of its differentiated competitors.
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