When organizations endeavor (1) to keep their costs (and hence the prices of their products or services) below those of competitors and (2) to target a wide market, they are utilizing a strategy.
a) focused-differentiation
b) differentiation
c) cost-leadership
d) reinventing
e) cost-focus

The correct answer is c) cost-leadership

Explanation:

It consists of looking for and maintaining a position of low costs with respect to the competition, this will allow the company to obtain returns above the average of the sector.

There is a relationship between the leadership strategy in costs and the possession of a high market share, this is because having a high market share, allows the emergence of economies of scale and economies of experience, both contribute to the reduction of unit costs.

Economies of scale refer to the reduction of unit costs by increasing the production of a given product. Economies of experience refer to the reduction of unit costs as a result of accumulated historical production (due to the greater experience of workers, for example).

The cost leadership strategy requires the construction of large facilities, capable of producing large volumes. The use of rigid productive equipment is also required, which are those specialized in the production of a single product.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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