Final answer:
Companies adopt different business level strategies in the industry to gain a competitive advantage. The strategies include differentiation, cost leadership, focus, and integrated low-cost/differentiation. The target customers vary depending on the chosen strategy.
Step-by-step explanation:
In the industry, companies adopt different types of business level strategies based on the market conditions they face. These strategies include differentiation, cost leadership, focus, and integrated low-cost/differentiation. Each strategy aims to provide the companies with a competitive advantage and attract a specific target customer.
For example, a company that adopts a differentiation strategy focuses on offering unique and high-quality products or services to target customers who value innovation and are willing to pay a premium price. On the other hand, a company that adopts a cost leadership strategy aims to offer products or services at a low cost to target price-sensitive customers.
The target customers of each company depend on the chosen business level strategy. In the case of a differentiation strategy, the target customers may be individuals or businesses looking for premium quality and unique features. For a cost leadership strategy, the target customers may be budget-conscious individuals or businesses seeking affordable products or services.