What are the different types of business strategies?

There are several different types of business strategies that companies can employ to achieve their objectives. These include cost leadership, differentiation, diversification, and integration. Cost leadership involves offering products or services at the lowest possible price, while differentiation involves offering a unique product or service that sets a company apart from its competitors. Diversification involves expanding a company's product or service offerings into new markets, and integration involves acquiring or merging with other companies in the same industry to gain a competitive advantage. Each strategy has its own advantages and disadvantages and choosing the right strategy for a particular company will depend on a variety of factors, including the company's goals, resources, and competitive landscape.

This mind map was published on 18 May 2023 and has been viewed 67 times.