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Business – small and large -- can place several varieties of business plans that can put into place. It will depend on the goals and objectives of the business owners on what type strategy is best suited in the market. Some of the business owners normally develop business strategies in order to sustain a competitive advantage among other businesses. They often use business-level plans to provide guiding principles or procedures for the company, managers and employees to follow and achieve their goals when working in the business. So deciding the right business strategy is very critical choice for any business. 3 Types of Competitive business strategies • Growth Strategy – this is very common in early development of the business. This is the business strategy where it entails in introducing new product or features, or adding a new service line to keep up with competitors. This is sometimes the stage where we offer new services and promotions or something new to other companies. Otherwise, customers may start using the other competitor’s product or services. Growth may sometimes take place when the business gains more customers or an increase in sales wherein we have to be more innovative and creative in our products. • Product Strategy – business must find ways to evaluate their product. They need to review the acquisition process of their product and services, and create a new strategy wherein they decide to eliminate products that are no longer meeting their needs and not producing adequate revenue. Some business owners use this competitive strategy to distinguish their products from other competitors in the industry. Identifying the products that are not currently available in the market and also identifying the consumer to determine what kind of products they are most up to. This business strategy typically uses advertising and product awareness to consumers that describes closely similar to other competitors but with a big difference in other aspects. • Acquirement Strategy – this entails purchasing another line of company or product to gain extra capital. This acquisition strategy is a very difficult method because you need make a thorough research about the economic market if it is attainable or not. This is very competitive business strategy wherein you need to expand your business to other setting and consumers. For example, a small shopping store may expand its territory in other location so that it will provide an easier access to other consumers. This is the business strategy where the business owners will gain more networks and linkages to other consumer because of its new acquired location. Get business strategy framework that are used by top consulting firms at http://buystrategy.com
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