What are examples of offensive strategies?
A frontal attack is when you confront your opponent face to face with the same product, price, and quality. It's a high-risk tactic that should only be used if the attacker has a competitive edge. Coca-Cola and Pepsi, for example, are both market leaders in the soft drink beverage business. They both have the ability to afford large advertising campaigns that attract consumers. However, only one of them will actually attack their competitor directly through advertising. The other company chooses to focus on differentiating itself by creating new products or improving upon existing ones. The next offensive strategy is called a "hedge" strategy. With this approach, your goal is to raise doubts about your competitor's product or service by offering something better priced or with additional features. This creates a need for consumers to switch brands. In fact, according to research conducted by the University of Michigan, 83% of customers will switch brands if they perceive another brand as more innovative or cutting-edge. A third offensive strategy is called a "discount" strategy. Here, you provide a product or service at a discount price compared to your competitor's price. This can be done through advertising or direct discounts. Research shows that consumers are more likely to switch brands if a competitor offers a lower price than yours does. Additionally, studies have shown that being the low-price vendor can help you differentiate yourself from others in the market.