A competitive strategy is a plan or approach that a business uses to gain a competitive advantage over its rivals in the marketplace.
Yes, as long as the strategies used are legal and ethical, businesses are allowed to use competitive strategies to gain an advantage in the marketplace.
Some common competitive strategies include cost leadership, differentiation, focus/niche targeting, and innovation.
It is possible for a business to face legal action if its competitive strategies involve illegal activities such as price-fixing, collusion, or false advertising.
Businesses can protect their competitive strategies through patents, trademarks, copyrights, and trade secrets.
Yes, if a business engages in anticompetitive behavior such as monopolization, price-fixing, or market allocation, it can be held liable for antitrust violations.
Businesses can collaborate with competitors on certain competitive strategies as long as the collaboration does not violate antitrust laws.
A business should consult with legal counsel to determine the best course of action, which may include filing a complaint with regulatory authorities or pursuing legal action.
A business can develop an effective competitive strategy by conducting thorough market research, identifying its strengths and weaknesses, and understanding the competitive landscape.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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