Final answer:
The strategy where a firm aims to become the lowest-cost producer in the industry is 'cost leadership'. This approach emphasizes efficiency and can lead to lower prices and higher sales volume.
Step-by-step explanation:
The competitive strategy by which a firm seeks to become a low-cost producer of products and services in the industry is known as cost leadership. This strategy involves increasing profits by reducing production costs while maintaining acceptable quality.
Firms that achieve cost leadership can offer lower prices to customers, leading to higher sales volumes and potential market dominance.
Unlike differentiation or innovation strategies, which focus on unique product features or new technologies, cost leadership focuses on efficiency and economies of scale. It's part of the broader concept of market competition, which incentivizes firms to find ways to produce products more cheaply or with desirable characteristics that consumers want.
Cost leadership is a competitive strategy by which a firm seeks to become a low-cost producer of products and services in the industry. This strategy focuses on minimizing costs to offer products at lower prices than competitors, attracting price-sensitive customers. For example, Walmart is known for its cost leadership strategy, offering a wide range of products at affordable prices.
Thereore the corret answer is b) cost leadership.