Competitor strategies refer to the plans and actions that businesses use to gain an advantage over their rivals in the market. These strategies can include pricing tactics, marketing campaigns, product development, and customer service improvements. By analyzing their competitors, companies can identify strengths and weaknesses, allowing them to position themselves more effectively and attract more customers. For example, a company like Apple might focus on innovation and premium branding to differentiate itself from competitors like Samsung. Meanwhile, Walmart may use low pricing strategies to attract budget-conscious shoppers. Understanding these approaches helps businesses adapt and thrive in a competitive landscape.