Types of Business Strategies
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1. What are the different types of strategies? What are the differences among these strategies? How do you determine which type of strategy is most appropriate for your organization?
2. What is the difference among strategic, long-term, and short-term objectives? What is the relationship between objectives and goals? What are examples of this relationship?
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Solution Summary
The solution discusses the different types of strategies and the differences between strategic, long-term, and short-term objectives. References are included.
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1. What are the different types of strategies? What are the differences among these strategies? How do you determine which type of strategy is most appropriate for your organization?
There are different types of marketing strategies. One is based on market dominance where firms are categorized according to their dominance of an industry. A firm can be a leader, challenger, follower or niche. A firm can be a leader if it has the resources and means to innovate and invent new products. A challenger wants to compete when it feels that it can produce a better product than the market leader by looking for an unmet need that the firm can fill. The follower produces products based on what the leader has produced, only that it can be cheaper and sometimes better because by then, the market has already learned how the product can be improved and the follower takes it from there. The niche responds better to a smaller segment through research.
Another strategy is based on Porter's generic strategies which are assessed on the dimensions of strategic scope and strength. This strategy is chosen based on a company's breadth of market penetration (scope) or its sustainable competitive advantage (strength). There are three types: Cost ...
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