A low cost product strategy is essential for businesses aiming to compete in price-sensitive markets. By focusing on cost efficiency, companies can offer products at lower prices, attracting a broader customer base. This strategy involves several key elements:

• Design Efficiency: Simplifying product design to reduce manufacturing costs. You can learn more about how to achieve Design Efficiency in product development here.
• Material Selection: Choosing cost-effective materials without compromising quality.
• Production Processes: Streamlining manufacturing processes to enhance productivity and reduce waste.
• Supply Chain Management: Optimizing the supply chain to minimize costs related to sourcing, logistics, and inventory management. You can read more about the role of Supply Chain Management in cost reduction here.