Give an example of competitive strategy in the business world.
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.