Type of Business Strategy

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The business strategy of every company is the one that gives life to it. The lifespan of a company or any other business venture will depend on the strategy that it applies to its business operations.

It is the core basis of a successful company. And for it to be successful, it must employ the best strategy there is.

However there are various types of business strategy for you to choose.

One type of a business strategy is the competitive advantage. This particular strategy is one which gives a particular business establishment an edge as compared to other business ventures, more specifically to its rivals. For example, your products can give much benefits with added freebies once the customer purchase it while other does not offer such thing. Another type is the cost advantage. This certain strategy aims to find and secure a cost advantage in any ways possible without sacrificing the earning profits of the business. Market dominance is also one type of a business strategy. This type of strategy is attained through two kinds of process. One is the internal growth and the other is the acquisitions through mergers and takeovers. There is also the new product development strategy. This is typically done with the competitive advantage business strategy.

In addition to the mentioned types of business strategy in the preceding paragraph, another well known type is the contraction and expansion. In this kind of strategy, the company focuses on their strength. More specifically, they analyze on what specific grounds they are good at. These also strive for the expansion of its market range. These types of business are the commonly applied strategy in business. However, there are still several other types. These are the price leadership strategy, global, reengineering, downsizing, delayering, and the restructuring strategy. You can also create your own strategy because it is you who knows every single nooks and crannies of your business. But still, consulting other businessmen will not hurt.

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Type of Business Strategy

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