Question

In the context of companies creating competitive positions, what strategies are commonly employed, and how can these concepts be applied to a company of your choice?

Answer 1

Companies employ strategies like differentiation, cost leadership, focus, and innovation to create competitive positions in the market.

Step-by-step explanation:

In the context of creating competitive positions, companies employ various strategies. Some common strategies include differentiation, cost leadership, focus, and innovation. Differentiation involves offering unique and distinct products or services that stand out in the market. Cost leadership focuses on offering products or services at a lower cost than competitors. Focus strategies target specific niche markets. Lastly, innovation strategies involve introducing new and improved products or services to the market.

For example, a company that successfully employs the differentiation strategy is Apple. They have differentiated their products through sleek design, user-friendly interfaces, and strong brand identity. Apple's focus on innovation has allowed them to maintain a competitive edge by regularly introducing new and improved products to the market.