Final answer:
The strategy characterized by offering products at low cost is known as a low-cost provider strategy. It focuses on being the lowest-cost producer to attract a large customer base through competitive pricing, different from strategies that focus on unique features or a balance of cost and quality.
Step-by-step explanation:
The strategy characterized by offering products or services at a low cost is known as a low-cost provider strategy. This approach involves a business aiming to be the lowest-cost producer in its industry or market segment, often to draw in a large customer base through competitive pricing. A similar yet distinct strategy is a focused low-cost strategy, where a company targets a particular niche market and offers low-priced products specifically to that segment. This contrasts with a broad differentiation strategy and a focused differentiation strategy, where the focus is on uniqueness and distinct features rather than price. A best cost provider strives to offer products with superior attributes at lower prices, balancing cost with features to provide value.