To determine: The drawbacks and risks to a broad generic business strategy and focused strategy.
Introduction:
Strategic management refers to formulating and implementing the way to achieve the goals by considering available resource and the internal and external environment. It will be framed by the top management on behalf of an organization.
Explanation of Solution
Determine the drawbacks and risks to a broad generic business strategy and focused strategy:
The drawback to the business strategy is that the firm might be blinded to the new entrant which enters using a niche approach. The drawback to focused strategy is that the niche that the firm is targeting might decline rather than growing. It is hard to compete with a focused strategy if the economy of scale is important. Economic performance would have higher variability for smaller segments.
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