Briefly describe some of the techniques that can be utilized to gain competitive advantage through cost leadership. Why is it important to incorporate a total life-cycle approach into costing?© BrainMass Inc. brainmass.com September 21, 2018, 7:52 pm ad1c9bdddf - https://brainmass.com/business/competitive-advantage/cost-leadership-techniques-and-total-life-cycle-approach-584027
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When a business develops techniques that will result in a culture defined by cost leadership, this business will develop a competitive advantage over competitors because it pursues a lowcost, high-quality, customer-centric approach to managing the business that is devoid of macroeconomic circumstances. To accomplish this competitive advantage, businesses must engage in certain primary techniques that will jettison them to the top of their industry as low cost producers. The first technique is recognizing the importance of becoming the low cost producer in whatever industry the company is in. Secondly, a total life-cycle must be established that develops a long-term ...
This solution provides a brief discussion of cost leadership techniques and total life-cycle approach.