Business Strategies are set of plans for achieving superior long term returns on capital invested in a firm. It includes strategies for making profit in the competitive environment in the long run. This profit represents economic value (Economic Value is created when a customer is willing to pay for a product with a price which is more than the cost of the product) Four strategies that are commonly used are based on : Differentiate strategy - Refers to the different ways through which a producer can make the product unique & different to distinguish them from competitors. Opposite to differentiation is commoditization - when there's no difference in products and services and the only basis of choosing a product is price. In such a situation when the price alone is a parameter for competition. There are many sellers and buyers in the market and there is a great fall in the price of the product eventually the price of the good falls t
Data and Tech notes for students and professionals