Imagine being an advisor to Hank Harris. What would you suggest should be Seller's Lab competitive strategy going forward

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01-12-2021
Business

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Imagine being an advisor to Hank Harris. What would you suggest should be Seller's Lab competitive strategy going forward

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michell96 michell96 · Answer 1 · 2021-12-13T12:39:47+01:00

Seller's lab can use either the cost leadership, cost focus, differentiation leadership, or differentiation focus strategy depending on the situation of the company.

A competitive strategy is a defined plan that allows a company to:

Increase its profits.
Have an advantage over competitors.
Adress customers' needs.

In marketing, four main strategies can be used depending on the situation and objectives of each company

Cost leadership strategy: The purpose of this strategy is to have lower costs than similar companies, which increases profit.
Cost focus: This strategy aims at reducing costs to increase profit.
Differentiation leadership: This strategy aims at making the company's products unique in comparison to similar companies.
Differentiation focus: This strategy focuses on adding special characteristics to products, which can influence customers' loyalty.

Note: This question is incomplete because there is no information about Seller's lab. Due to this, I answered it based on general knowledge.

Learn more about Marketing in: https://brainly.com/question/10232194