Final answer:
The strategy that focuses on how a given organization needs to compete to be effective is known as competitive strategy. It involves analyzing the competitive landscape, identifying strengths and weaknesses of competitors, and determining how to differentiate the organization from others.
Step-by-step explanation:
The strategy that focuses on how a given organization needs to compete to be effective is known as competitive strategy. Competitive strategy involves analyzing the competitive landscape, identifying the strengths and weaknesses of competitors, and determining how to differentiate your organization from others.
For example, a company may choose to focus on cost leadership and offer products at a lower price than competitors. Another company may emphasize differentiation and offer unique features or superior customer service.
Ultimately, competitive strategy is about finding a competitive advantage that allows the organization to outperform its rivals in the market.