Different Business Strategies
Strategic Management deals with the process of translating an organization’s vision into long term goals which will enable it to compete with sustained competitive advantage in its business environment. Business Strategy is an important component of Strategic Management. It deals with how a firm competes along the three dimensions of its competitive space namely customers and markets, products and services, and technologies including skills and capabilities. A firm’s competitive advantage is determined by the breadth of its target market. The target market could be mass market which means it is attractive to a large number of customers spread across most income and occupation groups(demographic groups). On the other hand, the market could appeal to a narrower range of customers with specific requirements. Let us take a few examples. Internationally WalMart the giant U.S. retailer, Timex the leading watch brand, Gateway in P.C.s are good examples of firms with very large Continue reading