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What do we mean by the term competitive strategy? What are the five basic options that...

What do we mean by the term competitive strategy? What are the five basic options that company has for a competitive strategy? What are some basic ways that a company executes its competitive strategy? Compare an contrast the two fundamental ways to compete that underpin the five generic competitive strategies.

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Answer #1

1) competitive strategy: competitive strategy is an action plan, developed for a longer term benefits to be achieved by gaining competitive advantage in the industry/market. It involves various activities, programs, or actions, that are Focused on strength of the firm, and are meant for competing with the rivals with quality Products/services better than those of their competitors.

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