Business Strategy
The plans and actions that firms devise to compete in a given product/market scope or setting and asks the question “How do we compete within an industry?” is a business strategy. It focuses on improving the competitive position of a company’s business unit’s products or services within the specific industry or market segment that the company or business unit serves.
It can be:
A) Competitive – battling against all competitors for advantage which includes Low-cost leadership, Differentiation and Focus strategies; and/or
B) Cooperative – working with one or more competitors to gain advantage against other competitors which is also known as Strategic alliances.
Eg: Wet grinder companies like Shantha and Sowbhagya seeks differentiation in a targeted market segment.
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