Chapter 1
Thinking Strategically
IN THIS CHAPTER
Discovering how strategy can make a difference
Exploring low-cost leadership, differentiation and focus strategies
Examining other strategic alternatives
Devising your own strategy
In this chapter, you find out how to formulate a strategy for your company that’s in keeping with its basic mission. First, you explore why strategy is so important to the business-planning process. You then examine what it means to have a strategy and when that strategy works best, and review several basic strategies that you 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
You also find out about several other general strategic alternatives, which answer questions such as ‘What does it mean to become more vertically integrated as a company?’ and ‘How should you act when you’re the market leader or a market follower?’ Finally, you consider some useful pointers for creating a strategic blueprint for your own company.
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