BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Describes the major actions by which a business competes in a particular market
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Low Cost Strategy
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Business Strategy
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Differentation Strategy
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Functional Strategy
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Explanation:
Detailed explanation-1: -A firm’s competitive strategy concerns how to compete in the business areas the firm operates. In other words, competitive strategy means to define how the firm intends to create and maintain a competitive advantage with respect to competitors.
Detailed explanation-2: -There are a number of strategies a company can put to work to increase market share. These include improving innovation, building and solidifying customer loyalty, employing a talented, dedicated workforce, acquiring other companies, deploying effective advertising, and pricing products and services efficiently.
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