competitive-strategies

Vocabulary Word

Definition

'Competitive strategies' are the methods or plans a business uses to outdo its competitors. It's similar to a chess game strategy where you plan your moves to win over your opponent, in business you plan moves to be the market leader.

Examples in Different Contexts

In digital marketing, 'competitive strategies' might include unique advertising approaches to capture more market share. A marketing director could state, 'By leveraging social media influencers, we're employing a competitive strategy that differentiates us from our competitors.'

Practice Scenarios

Tech

Scenario:

Our software’s market position is slipping. We need to focus on innovations that differentiate us from our rivals.

Response:

Our competitive strategies need to be innovative. Perhaps we can focus on building unique features in our software.

Business

Scenario:

Our profits have been slipping in the past quarter. We need to think about how we counter our rivals' approach.

Response:

I agree, we should reevaluate our competitive strategies and possibly adjust our pricing to appeal to a broader customer base.