**Pay using Balance**define the three strategic approaches (differentiation, cost leadership, and response) to competitive advantages. With these approaches in mind, identify a company and determine which approaches they use. While some companies may use a combination of the approaches, focus your paper on the one key approach used by the firm.Include the following:-Explain, briefly, the three strategic approaches to competitive advantages.-Provide an overview of your selected company.Discuss which strategic approach your selected company uses and why they use that approach.