COMPETITIVE STRATEGY

Competitive Strategy

Competitive strategy of a firm evolves out of consideration of several factors that are external to it. The external environment affects the internal environment of the firm. The economic and technical components of the external environment are considered as major factors leading to new opportunities for the organization and also creating threats. Similarly, the broader expectation of the society in which the organization operates is again an important factor to determine the competitive strategy. A firm must identify its position relative to the competitors in the market.

The objective of a competitive strategy is to generate competitive advantage, increase market share and beat competition. A competitive strategy consists of moves to:

•  Attract customers. 
•  Withstand competitive pressures. 
•  Strengthen market position. 

Having a competitive advantage is necessary for a firm to compete in the market. Competitive advantage comes from a firm’s ability to perform activities more effectively than its rivals. But what is more important is whether the competitive advantage is sustainable. By knowing if it is a leader, challenger, or follower, it can adopt appropriate competitive strategy.

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