competitor myopia- refers to focus on a rival or a competitor that is intense, causing destruction from larger strategic opportunities or threats. For example, a brand focusing on developing a product for customers based on price and not on quality.
Michael Poster"s four competitive strategies
- differentiation strategy- refers to making products different from those products of a competitor that are similar to yours. differentiation can be in size, reliability,durability,style, design and shape.
- focus strategy- refers to identification of a market niche and launching a unique service or product in that market. For example Nissan Motor Company focuses on Mid-sized cars.
- cost leadership strategy- refers to a company selling it products at a lower price than its competitors. it is also known as low- cost strategy.
- best cost strategy- it is a strategy of increasing the quality of product while reducing its price. it is achieved by satisfying customers specific expectations at the same time selling the product at a lower price than the competitors. Microsoft is widely recognized as the committed user of the best-cost strategy in software.