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A best-cost strategy relies on offering customers better value for money by focusing both on low cost and upscale difference. The ultimate goal of the ... StrategicManagementTutorial StrategicManagement-Home StrategicManagement-Introduction StrategicManagement-Types StrategicManagement-Process StrategicLeadership OrganizationSpecifics PerformanceIssue TheTopLeadership EntrepreneurialOrientation TheExternalEnvironment Organization&Environment AnalyzingtheExternalEnvironment JudgingtheIndustry MappingStrategicGroups OrganizationalResources TheResourceBasedTheory IntellectualProperty TheValueChain OtherPerformanceMeasures CompanyAssets:SWOTAnalysis BusinessLevelStrategies DifferentTypes CostLeadership NicheDifferentiation FocusStrategies TheBest-CostStrategy AidingBusinessLevelStrategies CompetitiveMoves Competitor'sMoves CooperativeMoves InternationalMarketingStrategies Pros&Cons DriversofSuccessandFailure InternationalStrategies-Types InternationalMarkets-Competition CooperativeLevelStrategies ConcentrationStrategies VerticalIntegrationStrategies DiversificationStrategies DownsizingStrategies PortfolioPlanning StrategyandOrganizationalDesign OrganizationalStructure CreatinganOrganizationalStructure OrganizationalControlSystems LegalFormsofBusiness StrategicHRManagement Growth&Nature Organizational&HRMStrategy ImpactofHRMonPerformance StrategicManagementResources StrategicManagement-QuickGuide StrategicManagement-Resources StrategicManagement-Discussion SelectedReading UPSCIASExamsNotes Developer'sBestPractices QuestionsandAnswers EffectiveResumeWriting HRInterviewQuestions ComputerGlossary WhoisWho Best-CostStrategy Advertisements PreviousPage NextPage Abest-coststrategyreliesonofferingcustomersbettervalueformoneybyfocusingbothonlowcostandupscaledifference.Theultimategoalofthebest-coststrategyistokeepcostsandpriceslowerthanotherprovidersofsimilarproductswithcomparablequalityandfeatures. ChallengesofBest-costStrategy Someorganizationscompetebasedonofferingeitherlowpricesorsomeuniquefeatures.Someorganizationswantbothtobeeffectiveintheirstrategy.Firmsthatofferproductsorservicesinlowpricesandalsooffersubstantialdifferentiationaresaidtobefollowingabest-coststrategy. Thisstrategyisquitedifficulttoexecuteascreatingsomeuniquefeaturesandthencommunicatingtheusefulnessofthesefeaturesgenerallyraisesthecostsofdoingbusiness.Productdevelopmentandadvertisingareexpensive.However,organizationsthatareabletomanageandimplementaneffectivebest-coststrategyattainsuccessbeyondtheordinary. TARGET’SBESTCOSTSTRATEGY Targetfollowsabest-coststrategy.Thefirm’sproductsarerelativelycheaperamongretailerswhiletheyarebothattractingtrend-consciouscustomers.Targetcarriesproductsfromfamousdesigners,suchasMichaelGraves,IsaacMizrahi,Fiorucci,LizLange,andothers.ThisisalucrativepositionforTarget,butthepositioniscurrentlyunderattackfromallangles. Best-costStrategyandLowOverheadBusinessModel Abest-coststrategycanlettheorganizationtoadoptabusinessmodelwithverylowfixedcostsandoverheadincomparisontothecostsitscompetitorsareincurring.TheInternethasmadethispossibleforsomeorganization. Amazon,forexample,chargeslowercostsasitdoesnotenduretheexpensesthat“brickandmortar”retailerssuchasWalmartandTargetdoinoperating.Consideredalone,thiswouldbealow-coststrategybutAmazonalsooffersanunmatchedportfolioofgoods.ThiscombinationmakesAmazontheunquestionede-commerceleaderinNorthAmerica. Adoptingabest-coststrategybysignificantlyreducingtheexpensesisalsopossible.Restaurantoperationshavesignificantoverheadcosts,includingrentandutilities.Someintelligentchefsavoidsuchcostsbytakingtheirfoodtothestreets.Foodtrucksservinghigh-endspecialtydishesatcheaperpricesarebecomingapopulartrend. BEST-COSTSTRATEGYAPPLIEDBYFOODTRUCKS Whenpermitted,somecities’foodtrucksfrequentlyalterpositionandsendouttheirlocationfortheday(orevening)onTwitter.Apartfromkeepingcostslow,mobilefoodtruckshaveanotheradvantageoveratraditionalrestaurantastheycanchangelocationtoservemoreanddifferentclients. Forinstance,foodtrucksselllunchdowntownandafternoonsnacknearthesubwayandthenmovetothenightclubareatosellalate-nightsnackbeforethepartyanimalsheadhome. PreviousPage PrintPage NextPage Advertisements Print AddNotes Bookmarkthispage ReportError Suggestions Save Close Dashboard Logout
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