Companies employ various strategies to compete effectively:
Product Differentiation: Offering unique features or services that set them apart from competitors. Pricing Strategies: Using competitive pricing, discounts, or premium pricing to attract different customer segments. Marketing: Utilizing advertising, promotions, and branding to build a strong market presence. Customer Service: Providing exceptional support and service to build customer loyalty. Technological Advancements: Investing in new technologies to improve products and operational efficiency.