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There are many competitive strategies that can be used in the business world.
For example, there is the strategy of differentiation. In this strategy, a business tries to identify a particular criterion that buyers use in making their decisions. It then tries to compete on that criterion. An example of this would be a luxury brand like Mercedes which tries to differentiate its products on the basis of luxury and quality.
As a second example, there is the contrasting strategy of cost leadership. In this strategy, a firm seeks to provide goods or services at the lowest price. Firms pursuing this strategy are those like Wal-Mart that try to establish themselves as the low cost alternative in a given market.
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