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Essay / Research Paper Abstract
A 3 page paper. The writer discusses what business strategy is and also discusses specific business strategies that might be adopted. The paper then discusses strategies for retaining employees, including motivational ideas. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: ME12_PGbsh10.rtf
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Unformatted sample text from the term paper:
all industries. In todays world where changes are constant and rapid, successful businesses are spending more time strategizing than any other activity (Kotelnikov 2010). Strategizing is about linking he companys
capabilities with the external environment (Kotelnikov 2010). Strategy is the implementation of actions and the application of strategies and tactics that will lead the company to success. Every business must
become competitor-oriented (Kotelnikov 2010). That means, they must pursue the correct competitive strategy in their industry and market (Kotelnikov 2010). For example, in marketing, a company would want to find
the weak points in the competitors product or service and extol the strengths in their own product or service. Porter identified specific strategies a business could adopt to gain
a competitive advantage. He suggested that if companies leveraged their strengths, they would achieve profitability (Quick MBA, 2007). Strengths could be applied to a broad scope or a narrow scope
and these would lead to three specific generic strategies, "cost leadership, differentiation, and focus" (Quick MBA, 2007). Cost leadership means the company is the low cost producer, which means it
costs the company less money to produce a good than it costs competitors "cost leadership, differentiation, and focus" (Quick MBA, 2007). The company can then either sell the item at
lower price, thereby beating their competitors, or they could charge the same price and realize a greater profit (Quick MBA, 2007). Differentiation is about setting the company apart from its
competitors in some way (Quick MBA, 2007). The product may have unique features, for example, or it has some sort of added value (Quick MBA, 2007). The focus strategy is
about selecting a particular niche market and developing products the members in this market need and want (Quick MBA, 2007). One business strategy every company needs to adopt is to
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