Chapter 5 Terms

Question 1

Overall Cost leaderhsip:

Answer 1

A firm’s generic strategy based on appeal on the industrywide market using competitive advantage based on low cost.

Question 2

Differentiation

Answer 2

A firms generic strategy based on creating differences in the firms product/service by creating something that is perceived industrywide as unique and valued by customers

Question 3

Focus

Answer 3

a firms generic strategy based on appeal to a narrow market segment within an industry