What are the three strategies?
- Business strategy.
- Operational strategy.
- Transformational strategy.
Key Points
According to Porter's Generic Strategies model, there are three basic strategic options available to organizations for gaining competitive advantage. These are: Cost Leadership, Differentiation and Focus.
- Structuralist. ...
- Differentiation. ...
- Price-skimming. ...
- Acquisition. ...
- Growth. ...
- Focus. ...
- Cross-selling. ...
- Operational.
There are three types of strategic planning that are essential to every firm: corporate, business and functional.
General Strategy indicates how a specific objective will be achieved, with well-thought-out plans. The focus of this type of Strategy is on ends (objectives and results) and means (the resources we have to achieve the objectives).
The five types of strategic management enumerated from most simplistic to most complex are linear, adaptive, interpretive, expressive, and transcendent.
Using the Ansoff Matrix
After analyzing these aspects, the matrix provides four different strategic options. And these are Market penetration, Market development, Diversification, and finally, fourth Product development.
- Organizational (Corporate) Strategy.
- Business (Competitive) Strategy.
- Functional Strategy.
- Operating Strategy.
Market structure refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods. The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.
The three levels are corporate level strategy, business level strategy, and functional strategy. These different levels of strategy enable business leaders to set business goals from the highest corporate level to the bottom functional level.
What are business strategies?
What is a business strategy? A business strategy is an outline of the actions and decisions a company plans to take to reach its goals and objectives. A business strategy defines what the company needs to do to reach its goals, which can help guide the decision-making process for hiring as well as resource allocation.
