Question

Organizations evaluate the five competitive forces at play in their industry and judge the strength and weakness of these forces. Organizations then determine how they intend to respond to these​ forces, leading to determining the​ _______________.A. competitive strategyB. industry attack profileC. industry structureD. rivalry positioningE. industry response

Answer 1

Answer: Competitive Strategy

Explanation:

Competitive Strategy is a long term strategy put in place by a business that could give them competitive advantage over their rival industry through evaluating their strength and taking advantage of their area of weaknesses.

This strategy is most beneficial when a company finds it self in a very competitive market saturated with substitute goods and product competing for customers. In a competitive market it might be very difficult for a business to survive without having a well structured competitive strategy in place.

There are four types of Competitive Strategy.

• Differentiation

•Product leadership.

•Cost leadership.

•Operation excellence.