Define competitive strategy.
Understand the Problem
The question is asking for the definition of 'competitive strategy', which typically refers to the plan or set of actions a company employs to gain an advantage over its competitors in the market.
Answer
A set of policies to gain competitive advantage.
A competitive strategy is a set of long-term policies and procedures that a business uses to gain and maintain a competitive advantage in the market.
Answer for screen readers
A competitive strategy is a set of long-term policies and procedures that a business uses to gain and maintain a competitive advantage in the market.
More Information
Competitive strategy often involves making tough choices about what not to do, in order to focus resources and efforts on areas where the company can excel.
Tips
Confusing competitive strategy with operational effectiveness is a common mistake. Operational effectiveness refers to performing similar activities better than rivals, while competitive strategy involves doing different activities or similar activities in different ways.
Sources
- What Is a Competitive Strategy? (With 4 Common Types) | Indeed.com - indeed.com
- Competitive Strategy: Definition, Types, and Execution - 365financialanalyst.com
- Competitive Strategy - an overview | ScienceDirect Topics - sciencedirect.com
