explain and give example of each strategy

CORE CONCEPT A competitive strategy concerns the specifics of management's game plan for competing successfully and securing a competitive advantage over rivals in the marketplace. 1. A low-cost provider strategy-striving to achieve lower overall costs than rivals and appealing to a broad spectrum of customers, usually by underpricing rivals 2. A broad differentiation strategy--seeking to differentiate the company's product or service from rivals in ways that will appeal to a broad spectrum of buyers 3. A focused low-cost strategy-concentrating on a narrow buyer segment for market niche) and outcompeting rivals by having lower costs than rivals and thus being able to serve niche members at a lower price 4. A focused differentiation strategy-concentrating on a narrow buyer segment (or market niche) and outcompeting rivals by offering niche members customized attributes that meet their tastes and requirements better than rivals products 5. A best-cost provider strategy-giving customers more value for the money by satisfying buyers' expectations on key quality/features/performance/service attributes while beating their price expectations. This option is a hybrid strategy that blends elements of low-cost provider and differentiation strategies; the aim is to have the lowest (best) costs and prices among sellers offering products with comparable differentiating attributes The remainder of this chapter explores the ins and outs of the five generic competitive strategies and how they differ. Page 90