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Strategy, product structure, best practice

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1. What is the significance of naming the three categories of strategies (i.e. generic, grand, and competitive)?
2. If the strategy of a company is to develop a new product, it should make a product structure for the strategy. How does the company make the product structure?
3. Netflix became a best practice when other company compare with best practice. Please explain how, why Netflix became best practice.

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Solution Summary

Strategy, product structures and best practices are examined. The significance of naming the three categories of strategies are determined.

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1. What is the significance of naming the three categories of strategies (i.e. generic, grand, and competitive)?

By naming the strategy, the management lets the company know what their is focus for their products or product. The marketing department can plan their implementation, pricing, placement and target audience based on the type of strategy the company engages. For example, when a company chooses competitive, the company now applies practices for good quality at the best price. The target markets are those that provide a firm foundation for competition and pricing is set for competition, quick penetration into the market, and targets that will buy based on pricing and quality.

Companies identify themselves by their strategies and a company. For example, Suave,is competitive in pricing and also in ...

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