Types of Business Strategy

The video tutorial covers different levels of business strategy, including organizational, competitive, and functional strategies. It explains organizational strategies like growth, stability, and retrenchment, and introduces competitive strategies based on Porter's Generic Strategies, such as cost, differentiation, and focus strategies. Finally, it discusses functional and operational strategies, focusing on achieving objectives through tactical planning.

What is the primary focus of an organizational or corporate level strategy?

• Achieving short-term objectives

• Competing in the marketplace

• Defining the company's mission and purpose

• Improving operational efficiency

Which strategy is commonly used by startups to expand their business?

• Focus strategy

• Retrenchment strategy

• Growth strategy

• Stability strategy

What is the main goal of a cost-based strategy according to Porter's Generic Strategies?

• To charge the lowest price in the market

• To differentiate products through exclusivity

• To establish a lower cost base for the company

• To focus on a niche market

How does a differentiation strategy help a company in the market?

• By maintaining stability in operations

• By lowering operational costs

• By focusing on a niche market

• By making its products or services distinct from competitors

What is the focus of a focus strategy?

• Improving internal processes

• Addressing a specific niche market

• Competing on price

• Targeting a broad market

What is the primary concern of functional and operational strategies?

• Long-term vision of the company

• Short-term tactics to achieve objectives

• Competing with other businesses

• Expanding into new markets

How are organizational, business, and functional strategies different?

• They all focus on cost reduction

• They are all about market competition

• They have distinct focuses and applications

• They are used interchangeably