chapter  5
22 Pages

Business and Functional Strategies

Business strategies are concerned with producing the desired performance in the competitive marketplace. Thus, business strategies focus on improving the position of products or services within a market segment. The question is how to effectively compete in the chosen industry or business. Three main approaches for choosing a business strategy are discussed in this chapter: (1) the contingency theory approach, (2) the generic theory approach, and (3) the use of descriptive characteristics.