Q: What are the different types of generic strategies? What are the differences among the strategies?
A business is able to stay in the market place and compete is by engaging generic strategies. The three types are: low-cost leadership, differentiation strategy, & focus or strategic scope. The low-cost involves offering a good at an economical price. Differentiation strategy is making a product in your market that is unique. Focus-involves defining the scope of market the company will compete based on cost leadership & differentiation. These strategies allow a company to focus on a target group that is profitable in which a competitor can’t see. http://drypen.in/marketing/porters-generic-strategies.html
Which strategy will best fit your small business and why?
Differentiation would better apply to my business because our goal at is to provide the best, different nothing it, quality bbq. Taking over the market is a goal of ours that others in the industry may not seem important too.
Q: What is the purpose of strategic objectives?
They are strategies on the outside that aid in building profits. Says how the company will work in reaching a goal & what its going to do. IT forms the question how to we get from one area to the place we want to be in what goal do we want to reach, what target will we seek and reaching those goal in what way will the company prosper.
What makes an effective strategic objective?
One that is effective for the company and the consumer. A better process or practice that out does the rest.
What is an example of a strategic objective used in the company you work for?
An example that comes to mind is the SWOTT analysis. The analysis of strengths weaknesses, threats and trends that a business looks at while operating. www.netmba.com/strategy/swot