Question

What sets focused (or market niche) strategies apart from low-cost leadership and broad differentiation strategies is:

a) Extra attention paid to establishing a distinctive competence.

b) Concentrated attention on serving the needs of buyers in a narrow piece of the overall market.

c) Greater opportunity for brand loyalty.

d) Suitability for market situations where technological change is fast-paced and continuous product innovation is a key success factor.

Answer 1

Focused (or market niche) strategies are different from low-cost leadership and broad differentiation strategies in terms of their emphasis on establishing distinctive competence, serving the needs of a narrow market segment, and suitability for fast-paced innovative market situations.

Step-by-step explanation:

Focused (or market niche) strategies are different from low-cost leadership and broad differentiation strategies in a few key ways:

1. Extra attention paid to establishing a distinctive competence: Focused strategies involve identifying and building on a company's core competency, which is a unique strength or advantage that sets it apart from competitors.
2. Concentrated attention on serving the needs of buyers in a narrow piece of the overall market: Focused strategies focus on a specific market niche or segment, tailoring their products and services to meet the specific needs and preferences of that segment.
3. Suitability for market situations where technological change is fast-paced and continuous product innovation is a key success factor: Focused strategies are often suited to industries or markets where innovation and rapid technological change are critical for success.