In India, most businesses, which compete in product markets, have no business level strategy.

To emphasize differences between your firm's position and your competitor's position is called strategy.

The edge over the competitors defines the path which provides the actions to be taken by an organization.

Only those firms which can maintain their competencies for a long-term period can meet or hopefully exceed customer's needs.

One of the disadvantages of cost leadership strategy is that low cost methods are easily imitated by rivals.

When the features and characteristics become attractive to the customers lower prices may not be an incentive to stay with the lower-priced product.

Logistics can be a significant portion of a firm’s activities costs and offers cost reduction opportunities for firms using the cost leadership strategy.

Powerful customers can demand reduced prices, but only to the point of driving competitors out of the market, at which point they would lose their power.

Firms serving a broad market seek to use their capabilities to create value for customers on an industry wide basis.

Integrated set of actions taken to produce goods or services (at an acceptable cost) that customers perceive as being different in ways that are important to them.

Products which are labeled with a trademark or logo that is identical to or indistinguishable from a legal logo owned by another party, thus infringing the rights of the legal owner.

A support function responsible for making long-term investments in development of new technology and innovative products, in marketing and advertising, and in ability to provide exceptional service.

The result of bringing to life a new way to solve the customer’s problem—through a new product or service development—that benefits both the customer and the sponsoring company.

Support function that recruits highly qualified employees and invest in training that provides them with the latest technological knowledge and the capabilities to provide breakthrough services.

An integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment.

Entrepreneurial Firms commonly serve a specific market niche or segment, partly because they do not have the knowledge or resources to serve the broader market.

Competitors who choose not to serve segments whose unique needs are specialized.

Competitive advantage is the difference between the two focus strategy (Cost leadership and Differentiation).

Required for firms to complete primary value chain activities and support functions in ways that allow them to use the integrated cost leadership.