BusinessStrategiesS10

BusinessStrategiesS10 - WCOB 1023 Business Foundations...

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WCOB 1023 Business Foundations Business Strategies Business Strategies A mission is a formal description of an organization’s goals. A mission is its reason for existing! A "mission statement " describes a business organization in terms of goods, markets, services, and client needs. A business organization achieves its mission by implementing a particular strategy. A "mission statement" includes the identification of an organization's strategy for profitability, growth, market share, and building competitive advantage. During the Foundation TM business simulation, you will get an opportunity to create your own strategy. Foundation TM firms may develop and execute any strategy (or none at all—though that is not advisable). Basic strategies include: 1. Broad Cost Leader 2. Cost Leader with a Niche Focus 3. Cost Leader with a Product life cycle Focus 4. Broad Differentiator 5. Differentiator with a Niche Focus 6. Differentiator with a Product life cycle Focus These strategies are further described below: 1 | P a g e
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WCOB 1023 Business Foundations Business Strategies 1. Broad Cost Leader A Broad Cost Leader will attempt to be the low-cost producer in both segments of the market. It will have good profit margins on all sales while keeping prices low for price-sensitive customers. Firm Profile
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This note was uploaded on 03/16/2011 for the course WCOB 1023 taught by Professor Sandeepgoyal during the Spring '08 term at Arkansas.

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BusinessStrategiesS10 - WCOB 1023 Business Foundations...

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