Final answer:
Business-level strategies are the actions that firms take to gain a competitive advantage in a single market or industry.
Step-by-step explanation:
The actions that firms take to gain competitive advantages in a single market or industry are known as business-level strategies. These strategies involve focusing on a specific market segment, developing unique products or services, and creating a competitive advantage over rivals within the industry. For example, a firm may differentiate its products through superior quality or by offering lower prices compared to its competitors.
One key aspect of business-level strategies is the concept of core competency. This refers to a business's ability to excel in a specific area or skill that sets it apart from competitors. By focusing on their core competencies and leveraging their strengths, firms can gain a competitive advantage and attract customers.
Overall, business-level strategies play a crucial role in helping firms succeed in a specific market or industry by differentiating themselves from competitors and creating value for customers.