Final answer:
b) Differentiation - Offering unique products to a niche market
Companies pursue different grand strategies, including cost leadership for capturing market through low pricing, differentiation for targeting niche markets with unique products, and focus for offering a wide range of products to a specific segment.
Step-by-step explanation:
Firms adopt different grand strategies to compete in the market and achieve business success. These strategies include cost leadership, differentiation, and focus. An example of a firm practicing cost leadership might be a big-box retailer like Walmart, which aims to attract a broad customer base by offering products at lower prices than competitors. For differentiation, Apple is a prominent example, with its highly differentiated products that offer unique design and technological innovation, appealing to a niche market that values these aspects. Lastly, the focus strategy could be exemplified by a company like Rolls-Royce, which concentrates on the luxury car market and offers a broad range of products to captivate a diverse yet specific customer base interested in high-end vehicles.