Competitive strategy refers to how a company competes in a particular business. Competitive strategy is concerned with how a company can gain a competitive advantage through a distinctive way of competing.
A competitive strategy answers the following questions.
• How do we define our business today and how will we define it tomorrow?
• In what industries or markets will we compete? The intensity of competition in an industry determines its profit potential and competitive attractiveness.
• How will we respond to the competitive forces in these industries or markets (from suppliers, rivals, new entrants, substitute products, customers)?
• What will be our fundamental approach to attaining competitive advantage (low price, differentiation, niche)?
• What size or market position do we plan to achieve?
• What will be our focus and method for growth (sales or profit margins, internally or by acquisition)?
A competitive strategy answers the following questions.
• How do we define our business today and how will we define it tomorrow?
• In what industries or markets will we compete? The intensity of competition in an industry determines its profit potential and competitive attractiveness.• How will we respond to the competitive forces in these industries or markets (from suppliers, rivals, new entrants, substitute products, customers)?
• What will be our fundamental approach to attaining competitive advantage (low price, differentiation, niche)?
• What size or market position do we plan to achieve?
• What will be our focus and method for growth (sales or profit margins, internally or by acquisition)?
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