Read chapter $5$ in the class text and respond to the following questions:

$1.$ Describe in detail, the competitive strategy that conducts a continuous search for cost reduction without sacrificing acceptable quality and essential features.

$2.$ Is a "best cost strategy," a hybrid of low$-$cost and differentiation strategies? Provide a yes, or no answer to the question first, followed by a discussion that supports your position.

$3.$ Describe in detail, the market situations that makes low$-$cost strategies work particularly well.