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Firms intend to serve the needs of a narrow customer group.
Use their capabilities to create value for customers on an industry-wide basis.
They focus on one niche or unique feature and work to offer said niche or feature at the lowest cost possible to their targeted market segment.
Greater capacity for the business to serve their customers with maximum efficiency.
Gives companies the advantage of learning new technologies and skills quickly while adapting to outside, environmental changes.
This is fundamental in how a business can position itself as an industry-leader in its market. This supports quality over cost.
Aims to put your business at the forefront of the market in terms of pricing.