In porter's generic competitive strategies, <u>focus strategy </u>and <u>overall cost</u> <u>leadership </u>strategy combines a focus on a total market scope and a competitive cost advantage respectively.
<h3>What is focus strategy?</h3>
A focus strategy is a competitive tactic used to target marketing and sales at a certain market niche. Utilizing underserved or untapped markets is the goal of this technique.
While many rivals want to reach as many clients as possible with their sales, a focus approach chooses one or more certain categories. It gains an advantage by providing that sector with either high quality or low cost. These actions may improve client loyalty.
There are primarily two categories of focus strategies. One aspires to outperform the competition by cost leaders, while the other wants to succeed by differentiation itself.
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Answer:
Decreases.
Explanation:
The law of demand states that for an elastic good an increase in price results in a decrease in quantity demanded.
Elasticity of demand is the degree of responsiveness of quantity demanded to changes in price.
When a good is highly elastic that means the elasticity is above 1. For example if elasticity is 2, an increase in price by 1 unit will result in a decrease in quantity supplied by 2 units.
As total revenue is equal to price multiplied by units sold, total revenue will also reduce with price increase of a highly elastic good.
To create service items in QuickBooks Desktop, click the “Item” button in the lower-left corner of the list window. Then select the “New” command from the pop-up menu. In the “New Item” window, select “Service” from the “Type” drop-down. Enter a name for the service into the “Item Name/Number” box.
Business analyst phase of the new product development process