A focus strategy is a competitive approach that targets a specific market segment, niche, or audience by tailoring products or services to meet the unique needs of that group. This strategy allows companies to concentrate their resources on a defined market, enabling them to develop a deeper understanding of customer preferences and create offerings that stand out against broader competitors. It can manifest as either cost focus or differentiation focus, depending on whether the goal is to provide lower-priced options or unique products to the targeted segment.
congrats on reading the definition of Focus Strategy. now let's actually learn it.