Strategic choice:
Theories of strategic choice fall into 2 main categories..
- Market based theories..
Understanding and identifying ways to deal with the competitive environement, will determine whether a firm is successful or not.
- Resource based theory..
This looks at how strategic decision making is affected by the ownership, control and use of an organisations resources.
Environment or market-based strategy -
There are 3 fundemetal strategies that a business might adopt..
- Cost leadership - (i.e. - low cost leader)
- Differentiation - (i.e. - emphasise and promote unique products)
- Focus strategy - (i.e. - focus on market niches)
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