What is an example of an industry where you think a best-cost strategy could be successful? Explain your response. How would you differentiate a company to achieve this success in this industry?
After reviewing the five generic competitive strategy options, we learned that firms that charge relatively low prices and offer substantial differentiation follow a best-cost strategy. The best-cost strategy can be an effective level strategy to the extent that a firm whose fixed costs and overhead are comparatively low relative to the competition.
Address the following based on the best-cost strategy option, your knowledge, and your experience. Then, provide a substantive response to at least two of your classmates.
- What is an example of an industry where you think a best-cost strategy could be successful? Explain your response.
- How would you differentiate a company to achieve this success in this industry?
- Provide an example of a firm in Jacksonville following a best-cost strategy. Explain your rationale or reasoning for this choice.
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