What is a Cost Leadership Strategy?
A Cost Leadership Strategy is a business strategy that helps a company to become the most cost-effective supplier or manufacturer in its sector. This strategy’s major objective is to get a competitive edge over rivals by providing goods and services at more affordable costs while yet upholding acceptable standards of quality. As cost leadership enables a business to run more profitably and efficiently, it can draw in price-conscious consumers, gain market share, and even see an improvement in profit margins.