Firms that charge relatively low prices and offer substantial differentiation are following a best-cost strategy. A best cost strategy can be an effective level strategy to the extent that a firm whose fixed costs and overhead are very low relative to the competition. What is an example of an industry where you think a best-cost strategy could be successful?
How would you differentiate a company to achieve this success in this industry?
Provide an example of a firm in Jacksonville that is following a best cost strategy? Explain

The answer is given below

Explanation:

A best-cost strategy is a strategy that is used by companies as they focus on low cost in order to give their customers better value for the money spent on the purchase of goods or services from them. The goal of this strategy is to keep the prices and costs lower when compared with the other competitors that offer similar products.

This strategy can be very successful in retail stores. Retail stores offer similar products to their competitors and using this strategy could help in making the store get more customers and hence push up its income.

For this strategy to work in such industry, firstly, the company will need to study its market very well, get to know its competitors, have a good working relationship with the manufacturers of different products, and have a friendly and amazing staffs who know what is and expected of them. With all these in place, success will be achievable.

An example of a firm in Jacksonville that is following a best cost strategy is

McDonald. The company over the years, has been successful and laid s foundation of offering fast-food meals that are of low prices and affordable.

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rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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