A good strategy should be able to provide products and services to customers at an attractive price point while maintaining internal costs, resulting in: <u>Cost leadership strategy</u> .
Cost leadership is a successful business approach when a company offers competitive pricing, delivers acceptable quality, and draws in enough consumers to be profitable.
Cost leaders frequently keep their expenses low by cutting back on marketing, market research, and R&D, but this strategy might wind up being costly over time. Cost leaders may be less adept than competing companies in spotting significant alterations and trends in the external environment due to a relative lack of market research. The capacity of cost leaders to react to changes once they are seen might be slowed considerably if research and development are undervalued. Cost leaders may find themselves out of touch with the market and at a loss for solutions if they lag behind competitors in spotting and responding to external trends.
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