This is a 2 – Part Discussion (Competitive Strategy)
Write two initial reaction posts (one to each primary question prompt) each with a 100-word minimum. The post is listed below. Both initial reaction posts must be posted by Thursday.
1. If you were to start your own business, what generic strategy would you use to start?
A) Writing has to be Original
B) No less than 100 words
C) NO PLAGARISM
D) Answer the 2 questions within your discussion
You must read and respond to two other students’ initial reaction post (100-word minimum each). The two additional reaction posts (from 2 other students) will be added to this assignment on Thursday and response must be posted by Saturday.
If I were to start a business, I believe I would use a best-cost provider strategy. Because it is a hybrid of the low-cost and differentiation strategies, it incorporates the best of all the generic strategies. I believe it could attract many customers who are looking for a quality product or service at a fair price. I know that when I have to make a purchase I always try to find the best value for my money, and I believe that to be true for most shoppers. Another plus to this type of strategy that it can appeal to customers even during tough economic times.
If I were to start my own business I would start off by using the focused low-cost strategy. This would make entering the market a much more smooth transition as it narrows down the target customer group of which the business needs to pay attention to. Also being a small starting business more than likely the immediate surrounding area would have similar wants and needs making his strategy the most effective to begin with. As the business develops and grows it could become more feasible to switch to a different styled strategy in order to maintain the businesses standing in the market.