Name one popular business in the restaurant of the food industry and then identify how the business used an effective cost leadership strategy to compete in their industry. And finally, identify one business effectively using a differentiation strategy to compete in their industry. Describe their use of strategy type?
Name one popular business in the restaurant of the food industry and then identify how the business used an effective cost leadership strategy to compete in their industry. And finally, identify one business effectively using a differentiation strategy to compete in their industry. Describe their use of strategy type?
There are three main business strategies:
1. Differentiated product or service strategy: Through differentiated product or service strategy, the organization focuses on their unique selling point and how they could be different from others.
2. Cost strategy: Usually cost strategy gives them a competitive advantage over other businesses. People tend to buy products at a lower cost.
3. Niche strategy: This type of strategy is integration between cost and differentiated product strategy.
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