Competitive strategies edited

COMPETITIVE STRATEGIES
1
Competitive Strategies
Name
Institution
Course
Instructor
Date
COMPETITIVE STRATEGIES
2
Competitive Strategies
A competitive strategy is a business approach that a company employs to give it an
advantage in the market. Competitive strategies include: focus on market niche, low-cost
leadership, and product differentiation (Qasemzada, 2021)
Focus on Market Niche
This strategy focuses on offering services to a unique target market based on, for example,
gender, age, or customer preference. Examples of companies that focus on the market niche are
Lefty’s, which provides utilities for left-handed people, and Bonobos, which was established with
a specific goal: making men’s pants.
Low-Cost Leadership
This strategy focuses on lowering production costs without compromising the quality, thus
producing standardized products that can market at a lower price than the competitor. Examples
of companies that use this low-cost leadership strategy are Walmart and Black and Decker.
Product Differentiation
In product differentiation, a company offers a product or brand different from others in the
market. It focuses on higher quality or better packaging, which sets apart the brand from the
others. For example, there are different brands of drinking water that a customer can choose
from. The Coca-cola company uses a differentiation strategy by unique branding of its product.
Nike produces high-quality products that compete with other similar products in the market.
COMPETITIVE STRATEGIES
3
References
Qasemzada, I. (2021). WAYS TO INCREASE THE COMPETITIVENESS OF SERVICE
ENTERPRISES BASED ON MARKETING STRATEGIES. International Journal of
Business, Management, and Accounting, 1(2).
…