In times of an economic downturn, which type of business strategy is most effective for a company to create and sustain competitive advantage?

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04-09-2022
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In times of an economic downturn, which type of business strategy is most effective for a company to create and sustain competitive advantage?

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Lanuel Lanuel · Answer 1 · 2022-09-07T12:15:38-04:00

A business strategy which is most effective for a company to create and sustain competitive advantage is a differentiation strategy.

What is competitive advantage?

Competitive advantage can be defined as the factors, assets, conditions, or circumstances that allow a business firm (company) to manufacture finished goods or services better and perhaps, cheaper than other rival business firms (companies) operating within the same industry.

What is a business strategy?

A business strategy can be defined as a set of guiding principles, actions, policies, and decisions that a business organization strategically combines, so as to successfully achieve its goals, objectives, attract potential customers and possess a competitive advantage over its rivals in the industry.

The types of business strategy.

Generally, there are three (3) main types of business strategy and these include the following:

Cost Leadership business strategy

Differentiation business strategy

Focus business strategy

In conclusion, we can reasonably infer and logically deduce that business strategy which is most effective for a company to create and sustain competitive advantage is a differentiation strategy.

Read more on competitive advantage here: brainly.com/question/26514848

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Sagot :

What is competitive advantage?

What is a business strategy?

The types of business strategy.

Other Questions