Companies adopt various strategies to cope with competitive pressure:
Innovation: Regularly introducing new and improved products helps in maintaining a competitive edge. Cost Leadership: Reducing operational costs to offer products at a lower price can attract price-sensitive customers. Differentiation: Offering unique features or superior quality can set a product apart from competitors. Customer Focus: Prioritizing customer satisfaction and building strong relationships can enhance loyalty and reduce churn. Strategic Alliances: Collaborating with other firms can provide new opportunities and mitigate risks.