There are three underlying strategies that are essential for helping organizations build competitive advantage.Identify and briefly describe each one.

Organizations have attempted to build competitive advantages in various ways,but three underlying strategies appear to be essential in doing so: low-cost,differentiation,and focused.A low-cost strategy is based on an organization's ability to provide a product or service at a lower cost than its rivals.This strategy aims at selling a standardized product that appeals to an "average" customer in a broad market.A differentiation strategy is based on providing customers with something that is unique (e.g. ,image,styling,reputation)and makes the organization's product or service distinctive from its competition in such a way that customers are willing to pay a higher price for it.A focused strategy is designed to help an organization target a specific niche within an industry,unlike both the low-cost and differentiation strategies,which are designed to target industry wide markets.The basic idea is to specialize in ways that other organizations can't match effectively.