When a business gets to know market segments intimately and pursues either cost leadership or differentiation within the target segment it is referred to as a
A) customer-focused strategy.
B) defined strategy.
C) focused strategy.
D) competitive advantage strategy.
E) value-added strategy.

Question

Quizplus · Accepted Answer

Pursuing cost leadership or differentiation within a specific target market is known as a focused strategy. This involves getting to know the chosen market segment intimately and tailoring the business's products or services to meet their specific needs and preferences. This approach requires a deep understanding of the target market's needs, behaviors, and purchasing patterns, which can help the business create a competitive advantage within that market.

When a Business Gets to Know Market Segments Intimately and Pursues