Competitive Strategy

Competitive strategy refers to the methods a business uses to gain an advantage over its rivals in the market. It involves identifying unique strengths, understanding customer needs, and differentiating products or services. Companies can choose to be cost leaders (offering lower prices), focus on niche markets (serving specific customer segments), or differentiate their offerings (providing unique features). The goal is to create value for customers while maximizing profitability, ensuring that the business can thrive in a competitive environment. Effective competitive strategy helps businesses position themselves effectively and respond to shifting market dynamics.