Cost leadership is a low-cost, broad-based market strategy.Question 1Select one:TrueFalse

The statement "Cost leadership is a low-cost, broad-based market strategy" is True.

Explanation

Cost leadership is a competitive strategy employed by companies to achieve the lowest operational costs in their industry. This strategy involves a focus on efficiency, cost reduction, and scale economies to offer products or services at lower prices than competitors, thereby appealing to a broad market segment. Firms employing this strategy seek to attract price-sensitive customers. By minimizing costs, they can either maintain profit margins or offer lower prices than their competitors, allowing access to a larger market.

Thus, the correct answer is True.