Answer:
1. By focusing on quality
2. by delivering superior customer service
3. By diversifying product lines
Explanation:
Some of the ways that companies typically implement a competitive strategy include:
1. By focusing on quality
2. By delivering superior customer service
3. By diversifying product lines
1. By focusing on quality: A company dedicated to innovation and quality is such that is constantly taking steps towards product improvements and are completely focused on staying ahead of their competitors in order to capture larger market share. Apart from capturing a larger market share, product quality improvements also bring about product leadership and market recognition which makes the company's product a reputable brand among others.
2. By delivering superior customer service: The most important line in any organisations financial statement is the 'revenue' line, and this revenue comes from customers. A company who wants to improve revenue will improve customer service. Customer service improvements will lead to superior customer service in comparison to competitors and people will always prefer to go where they are treated better.
3. By diversifying product lines: Product diversification is another strategy for achieving competitive advantage. If a company has more products to offer in comparison to its competitors, it makes the revenue to grow through product revenue streams and it becomes more stable and liquid than its competitors.
