Final answer:
Companies pursuing a low-cost strategy often set pay packages below industry norms to save on operational costs and maintain a competitive pricing advantage.
Step-by-step explanation:
The statement that companies following a low-cost strategy closely align their pay packages to the industry norms is false. Firms pursuing a low-cost strategy often structure their pay packages below industry norms in order to maintain their competitive edge through cost savings. These companies usually focus on minimizing operational costs, and salaries are a significant part of those costs. While staying competitive in terms of employee compensation can be important for retaining talent, maintaining low operational costs is typically a higher priority for such firms to ensure their offerings remain economically attractive to customers.