What business development strategies could be most appropriate to pursue by a firm when it is facing a highly competitive market?

Of course I can't give you best answer because of short details about your industry and your competitors But there are a common factors must consider - making some analysis of your current situation and competitors Use tools like PESTEL, porter five forces and SWOT Determine the weak points and strength points in your organization Then develop a corrective proactive action plan Communicate with your staff and implement the new strategy Then reevaluate it if needed