Chapter 14

Thinking Strategically

IN THIS CHAPTER

check Exploring a low-cost leadership strategy

check Applying differentiation strategies

check Zeroing in on a focus strategy

check Using strategy to establish your market position

check Coming up with your own strategy

In this chapter, we help you formulate a strategy for your company that gives life to your basic mission and puts you on the road to goal achievement (see Chapter 4 to find out more about missions and goals). We introduce several basic kinds of strategy that different businesses can apply across many industries. These off-the-shelf strategies include efforts to

  • Be the low-cost provider
  • Differentiate your products
  • Focus on specific market and product areas

We also talk about several other general strategic alternatives and answer a variety of important planning-related questions, such as these:

  • What does it mean to become more vertically integrated as a company?
  • What are the pros and cons of outsourcing a part of your business operations?

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