When it comes to competition, there are two main types of strategies that businesses can use in order to stay ahead of the competition. The first is a defensive strategy, which is focused on protecting the company's existing market share. The second is an offensive strategy, which is focused on taking market share away from the competition.
A defensive strategy is typically used when a company is trying to maintain its position in a market that is not growing. This type of strategy involves investing in marketing and product development in order to keep customers loyal to the brand. It can also involve price cuts and promotional offers in order to attract new customers.
An offensive strategy, on the other hand, is typically used when a company is trying to gain market share in a growing market. This type of strategy involves aggressive marketing and product development in order to lure customers away from the competition. It can also involve price increases in order to make the company's products more attractive to customers.
Which type of strategy is right for your business will depend on a number of factors, including the size of your company, the amount of competition in your market, and the overall growth of your industry. If you're not sure which strategy is right for you, it's a good idea to consult with a business consultant or marketing expert.