Question

In the retail industry, abc tries to add value to their products and services so they can attract customers who are willing to pay a higher price. Abc can be described as utilizing which of the following strategy?.

Answer 1

Abc can be described as utilizing a differentiation strategy.

What is a strategy?

A strategy can be defined as a process that involves planning and implementing actions in a business firm that will help to achieve success in competition.

The types of strategy.

In Business management, there are different types of strategy and these include:

• Global strategy

• Regional strategy

• Cost-leadership strategy

• Differentiation strategy

A differentiation strategy can be defined as a strategic approach through which a business firm provides its customers with products and services that are unique, distinct and different from those offered by its competitor (rivals) in the same industry or market.

In conclusion, an example of a differentiation strategy is the addition of value to products and services, so as to attract customers who are willing to pay a higher price.

Read more on strategy here: brainly.com/question/1120403