Which strategy for competitive advantage involves introducing new products and putting new features in existing products?
A)Cost leadership
B)Differentiation
C)Innovation
D)Operational effectiveness
E)Customer-orientation

Question

Quizplus · Accepted Answer

Introducing new products and adding new features to existing products is a strategy of Innovation. This helps a company differentiate itself from competitors and provide unique value to customers, ultimately leading to a competitive advantage. Cost leadership focuses on reducing costs to offer products at lower prices, differentiation on offering unique products, operational effectiveness on optimizing production processes, and customer-orientation on catering to specific customer needs.

Which Strategy for Competitive Advantage Involves Introducing New Products and Putting