Focus strategies are business approaches that concentrate on a specific market segment or niche. Companies employing this strategy aim to serve a particular group of customers more effectively than competitors. By tailoring their products or services to meet the unique needs of this segment, they can build strong customer loyalty and differentiate themselves in the marketplace. There are two main types of focus strategies: cost focus and differentiation focus. Cost focus involves offering lower prices to attract customers within a specific segment, while differentiation focus emphasizes unique features or superior quality. Both strategies allow businesses to compete effectively by honing in on their target audience.