In my Strategy class, we learned that the definition of strategy is'an approach to achieving a particular
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In my Strategy class, we learned that the definition of strategy is'an approach to achieving a particular outcome.' The 'approach' involves answering two questions:
(1) how will we compete and
(2) which markets should we compete in.
In this class, we use Michael Porter's generic strategies. To Porter, 'how' to compete is a choice between
(1) pursuit of
(a) a low-cost model or
(b) differentiated model
(2) when choosing markets to compete within, a choice is made between pursuing a
(a) general market or
(b) niche market.
What type of business-level strategy do you think that the restaurant McDonald's is pursuing (based on Porter's generic strategy)?
Related Book For
Stats Data and Models
ISBN: 978-0321986498
4th edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
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