1. Cost Leadership Strategy
The goal of cost leadership strategy is to produce products and services at the lowest cost in the industry. In other words to be the industry leader in low cost. An example is Walmart, who uses an automated inventory replenishment system, which reduces inventory storage requirements and saves floor space. This allows for their retail stores to use the maximum amount of space for selling goods.
Read more about this topic: Competitive Advantage
Famous quotes containing the words cost, leadership and/or strategy:
“Keeping accounts, Sir, is of no use when a man is spending his own money, and has nobody to whom he is to account. You won’t eat less beef today, because you have written down what it cost yesterday.”
—Samuel Johnson (1709–1784)
“This I do know and can say to you: Our country is in more danger now than at any time since the Declaration of Independence. We don’t dare follow the Lindberghs, Wheelers and Nyes, casting suspicion, sowing discord around the leadership of Franklin D. Roosevelt. We don’t want revolution among ourselves.”
—Lyndon Baines Johnson (1908–1973)
“The best strategy in life is diligence.”
—Chinese proverb.