what is competitive priority how the firm select one of the four strategies?
Competitive priority is the relative importance of a company's products or services compared to those of its competitors. It is determined by the customer's perception of the value of the product or service, the quality of the product or service, the cost of the product or service, and the speed of delivery.
The firm can select one of four strategies to determine its competitive priority: cost leadership, differentiation, focus, and speed. Cost leadership involves providing the lowest cost product or service in the market. Differentiation involves providing a unique product or service that is not offered by competitors. Focus involves targeting a specific market segment and providing a product or service tailored to that segment. Speed involves providing the fastest delivery of a product or service.