Final answer:
The key to a company's success is to be the low-cost producer in a particular industry.
Step-by-step explanation:
The statement is true. Being the low-cost producer in a particular industry is often considered a key factor for a company's success. When a company can produce goods or services at a lower cost than its competitors, it can offer lower prices to customers, attract more sales, and ultimately gain a larger market share.
By being the low-cost producer, a company can also generate higher profit margins. This can be achieved through various strategies such as efficient production processes, economies of scale, effective cost management, and strategic sourcing. However, it's important to note that being the low-cost producer is not the only factor contributing to a company's success, as other aspects such as product quality, innovation, customer satisfaction, and marketing also play significant roles.