1) B-L Strategy: An action plan firms develop to describe how it will compete in its chosen industry or market segment Describes how the firm will compete in the marketplace on a day to day basis and how it intends to do things right Customers are most essential resource allocation: 1) who (are the customers) 2) what (are the goods and services the potential customers needs) 3) how (to satisfy customer needs) Firms main objective in using a business-level strategy is to consistently provide a good or service to customers that they will buy because it creates more value for them than does a competitor’s good or service Business level strategy is most successful when everybody in the firm fully understands the chosen strategy and when it is implemented with zeal and efficiency. There are 5 business level strategies: cost leadership, differentiation, focused cost leadership, focused differentiation, integrated cost leadership/differentiation An example given in class would be Walmart. Walmarts primary strategy has been cost
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