A competitive strategy concerns the specifics of management's game plan for competing successfully and securing a competitive advantage over rivals.

The objective of competitive strategy is to knock the socks off rival companies by doing a better job of satisfying buyer needs and preferences.

A low-cost leader's basis for competitive advantage is lower overall costs than competitors.

Successful low-cost leaders are exceptionally good at finding ways to drive costs out of their businesses.

Success in achieving a low-cost edge over rivals comes from out managing rivals in figuring out how to perform value chain activities most cost effectively and eliminating or curbing non essential value chain activities.

A low-cost provider is in the best position to win the business of price-sensitive buyers, set the floor on market price, and still earn a profit.

A low-cost provider's product offering must always contain enough attributes to be attractive to prospective buyers—low price, by itself, is not always appealing to buyers.

The essence of a broad differentiation strategy is to be unique in ways that are valuable to a wide range of customers.

Easy-to-copy differentiating features cannot produce sustainable competitive advantage; differentiation based on competencies and capabilities tend to be more sustainable.

A differentiator's basis for competitive advantage is either a product/service offering whose attributes differ significantly from the offerings of rivals or a set of capabilities for delivering customer value that rivals don't have. Any differentiating feature that works well is a magnet for imitators.

The competitive advantage of a best-cost provider is lower costs than rivals in incorporating upscale attributes, putting the company in a position to under price rivals whose products have similar upscale attributes.