What sets focused (or market niche) strategies apart from low-cost leadership and broad differentiation strategies is their concentrated attention on serving the needs of buyers in a narrow piece of the overall market.
What are focused strategies?
- A competitive strategy that directs marketing and sales efforts to a specific market segment is known as a focus strategy.
- This strategy seeks to capitalize on untapped or underserved segments of a target market.
- The focus on serving the needs of buyers in a narrow segment of the overall market distinguishes focused (or market niche) strategies from low-cost leadership and broad differentiation strategies.
- There are four primary strategic focus areas: design, production, delivery, and service. our operational and organizational decisions are influenced by our strategic focus.
- For example, when an insurance company focuses solely on "crop insurance" or when a bank focuses solely on "housebuilding loans," we can say that they are pursuing a focus strategy.
- Following the identification of niche markets, $ the company may decide to enter one or more of the niches with its products.
Therefore, what sets focused (or market niche) strategies apart from low-cost leadership and broad differentiation strategies is their concentrated attention on serving the needs of buyers in a narrow piece of the overall market.
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