객관식
The expansion of competition which provides customers with many choices is called a(n) ______ economy.
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0. Basic Principles of Economics
Introduction to Economics
객관식
Which of the following are the three generic business strategies identified by Michael Porter for entering a new market?
A
Vertical integration, horizontal integration, and conglomeration
B
Cost leadership, differentiation, and focus
C
Product innovation, market penetration, and diversification
D
Price skimming, cost-plus pricing, and bundling
검증된 단계별 안내1
Understand that Michael Porter identified three generic business strategies that firms can use to gain competitive advantage when entering a new market.
Recall that these strategies are based on how a firm positions itself relative to competitors in terms of cost, product uniqueness, and target market segment.
The first strategy is \(\textbf{Cost Leadership}\), where a firm aims to become the lowest-cost producer in the industry to attract price-sensitive customers.
The second strategy is \(\textbf{Differentiation}\), where a firm offers unique products or services that are valued by customers, allowing it to charge a premium price.
The third strategy is \(\textbf{Focus}\), where a firm targets a specific market niche, either through cost focus or differentiation focus, tailoring its offerings to that segment.
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