There are three basic types of business strategies that corporates adopt:
Cost Differentiation Strategy: This business strategy is about pricing your product or service right. The price tempts the customers to buy your products instead of from your competitors.
Product Differentiation Strategy: In a product differentiation strategy, you price your product reasonably enough to stand out from the competition. The reason companies employ this strategy is that your product offers unique features that others don’t.
Growth Strategy: This strategy is employed when you want to grow the business by adding new products, improving the existing product, or expanding to new geographical locations.