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February 21,2022 Strategic Planning

Top 5 Business Strategies

Top 5 Business Strategies

Top 5 Business Strategies

Top 5 Business Strategies

2022 has started with a bang to the business world. Our team voted on the Top 5 Business Strategies that we will see moving forward.

Our Top 5:

5. Cost Leadership

This is the attempt to gain market share by offering the best price in comparison to your competitors. Walmart and Amazon have heavily depended on this in the past, look for McDonald’s to apply this as other restaurants face increased labor costs.

4. Differentiation

This is the attempt to provide a unique product or service when compared against that competition. Tesla automotive gives a great example of an electric, luxury car. Look for Coca Cola over the next year to try to further differentiate themselves by applying a higher level of customized and personalized marketing to its consumer base.

3. Focus

The idea behind focused approaches is that you can choose what segment of the market you want to target through any of the strategies already covered. If you see an opportunity to lead in a specific area, narrow in and focus your efforts on pursuing it. Sometimes, this can pay off more than attempting to capture the entire market through your business strategy. Look for Starbucks to emphasize their coffee shops as places to connect as we get out of the pandemic restrictions.

2. Acquisition

Acquisition strategies are a way to promote growth by purchasing another business. This is different from an organic growth strategy, where the focus is growing in-house products or services. Look for Louis Vuitton to further their focus on high end luxury with their acquisition of Tiffany’s & Co.

1. Harvest

This strategy is for businesses that know they are dying but they are trying to milk every last nickle out of the marketplace. This strategy involves reduced spending on support, services, and upgrades. Look for the computer industry to continue to apply this in 2022 as handhelds have taken over the personal computer.

References

2022 Business Trends: Challenges, Strategies, & Goals

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