Strategic focus
We can see a choice of strategies in Porter's Generic Strategies Framework. These provide an overall direction. Select low-cost or differentiated if one of these is a priority. For example, you are a budget airline focussing mainly on cost leadership but have a few differentiators. Where you intend to prioritise both, choose a hybrid strategy.
Cost leadership strategy (low price)
You are releasing a standardised product.
You can make use of economies of scale.
Your customers are price-sensitive.
Differentiator strategy - Your customers are willing to pay a premium for differentiators.
Focus strategy (narrow target customer group)
Select this where you can identify niche customer needs and better serve them.
Pivot later on to a broad market when successful.