Focus strategy is a competitive approach where a company concentrates on a specific market niche, tailoring its products or services to meet the unique needs of that particular group. This strategy allows businesses to establish a strong presence and loyalty within a limited segment, which can be beneficial in highly competitive industries. Companies employing this strategy often leverage their specialization to either differentiate themselves from competitors or maintain cost leadership in their chosen niche.
congrats on reading the definition of Focus Strategy. now let's actually learn it.