Cost Strategy (Low Cost Production)

The video discusses a cost-based competitive strategy, focusing on establishing a lower cost base to gain an advantage in the marketplace. It explains how having a lower production cost than competitors can lead to higher profit margins, which serve as a competitive advantage. The video also explores various sources of low cost advantages, such as access to unique suppliers or advanced technology, and concludes with a summary of the cost-based strategy approach.

Explain how a lower cost structure can impact profit margins.

In what ways can technology contribute to a competitive advantage?