Describe the various factors involved in formulating the competitive strategy. 

Competitive strategy is a plan to gain a competitive advantage over competitors in an industry or market. It involves a combination of actions and decisions that position a company as a leader in its field. The following are the various factors involved in formulating the competitive strategy:

1. Understanding the industry: The first step in formulating a competitive strategy is to understand the industry in which the company operates. This includes understanding the market size, growth potential, key players, and customer needs.

2. Analyzing the competition: Analyzing the competition is an important part of formulating a competitive strategy. It involves understanding the strengths and weaknesses of competitors, their strategies, and their positioning in ___ ____ ___ ______ ______ ____.
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