Final answer:
A minimizer strategy is a cost-focused approach that aims to maintain the lowest price structure by reducing expenses. A TBL cost leadership strategy also focuses on reducing costs for competitive pricing but incorporates environmental and social considerations into the business model, leading to a more sustainable approach.
Step-by-step explanation:
According to Dyck et al., a minimizer strategy refers to a business approach that focuses on reducing costs wherever possible to maintain the lowest price structure. Firms employing this strategy tend to minimize their operational costs without much emphasis on product differentiation. This can involve cutting overhead costs, reducing material expenses, and using efficient labor practices. The strategy is concentrated on being price competitive.
In contrast, a total business level (TBL) cost leadership strategy is broader and integrates the goal of reduced costs with a commitment to sustainability. This strategy not only seeks to minimize operational costs to achieve a competitive advantage in pricing but also aims to address environmental and social considerations as part of the company's value proposition. TBL cost leadership does not solely concentrate on the financial bottom line but also incorporates the social and environmental impacts, leading to a more holistic approach to cost leadership.