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2 February, 13:00

The objective of a competitive strategy is to provide buyers superior value relative to the offerings of rival sellers in order to attain a competitive advantage. establish a competitively powerful value chain. lend greater detail to the company's business model.

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  1. 2 February, 13:36
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    attain a competitive advantage.

    Explanation:

    A strategy refers to a future course of action devised in the present with an objective to overcome uncertainties and to accomplish goals and objectives.

    Competitive strategies are long term business strategies devised by a firm so as to gain a competitive advantage over the rival competing firms. Such a strategy takes into account the assessment of rivals SWOT (strengths, weaknesses, opportunities and threats) analyses devising own strategies to gain a competitive edge.

    Such strategies are aimed at gaining a competitive edge as well as enhancing return on investment.

    Michael Porter specified competitive strategies which are namely cost leadership, differentiation, cost focus and differentiation focus strategies.

    Under cost leadership, a firm strives to make it's products available at lowest cost. Under differentiation, the emphasis is laid upon creation of unique product attributes.

    Cost focus refers to implementation of cost leadership in a particular market segment while differentiation focus aims at serving distinct unique products in a particular market segment.
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