What is competitive strategy? Consists of business approaches to:
* Attract customers by fulfilling their expectations
* Withstand competitive pressures
* Strengthen market position
* Exploits competitive advantage by finding ways to use resources & capabilities to set firm apart from competitors.
PORTER'S GENERIC COMPETITIVE STRATEGIES
Competitive advantage comes from one of two sources:
* Having the lowest cost in the industry
* Possessing a product or offering a service that is perceived as unique in the industry
Another important factor is the scope of the product-market (broa…
