Question

The four major types of competitive strategy are

A) low-cost leadership; substitute products and services; customers; and suppliers.
B) low-cost leadership; product differentiation; focus on market niche; and customer and supplier intimacy.
C) new market entrants; substitute products and services; customers; and suppliers.
D) low-cost leadership; new market entrants; product differentiation; and focus on market niche.

Answer 1

The four major types of competitive strategies are low-cost leadership, product differentiation, focus on market niche, and customer and supplier intimacy.

Step-by-step explanation:

The four major kinds of competitive strategy are:

• Low-cost leadership: A strategy where a company focuses on being able to offer products or services at lower prices than competitors.
• Product differentiation: A strategy where a company focuses on offering unique and innovative products or services that stand out in the market.
• Focus on market niche: A strategy where a company focuses on serving a specific segment of the market and tailoring its products or services to meet the specific needs of that segment.
• Customer and supplier intimacy: A strategy where a company builds strong relationships with its customers and suppliers, which can lead to increased customer loyalty and improved supplier partnerships.