The competitive strategy model formulated by porter states that firms respond to the analysis of their industry by selecting one of four competitive strategies. According to Professor Michael Porter, the four competitive cost leadership, differentiation, low cost focus and differentiation focus. The strategy which is the cost leadership is typically only employed by large companies that can obtain products cheaply through economies of scale. Companies that use the differentiation strategy offer unique products or services is called differentiation. The low cost leadership is the process or the way which describes the competitive advantage of the company. Lastly, A focused differentiation strategy defines targeting a small group of customers with differentiated products.
Answer:
Explanation:
What is a service business? Give an example of one
Examples of service businesses include companies engaged in transport, food service, distribution, retail, and other industries that sell services rather than products. These intangibles provide the primary revenue source for service businesses.
The very first step in developing a social marketing plan involves understanding the target audience.
<h3>How to Create a Social Media Marketing Strategy</h3>
Having a strategy is essential for successful social media marketing.
You risk posting on social media just for the sake of posting if you don't have a plan. It will be difficult to succeed on social media if you don't know what your objectives are, who your target audience is, and what they want.
Creating a social media marketing strategy is crucial if you want to advance as a social media marketer or expand the reach of your company on social media.
To know more about 'social media', visit: brainly.com/question/13909780
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Answer:
A convenience store that sells milk, beer, lottery tickets, snacks, and flashlights
Explanation:
Product width is an aspect of overall product mix, or the products a company offers. Think of product width as categories- if they offer a lot of different categories of items they are using <u>more product width</u>. If they offer a lot of products in one type (health &beauty, local produce, types of pants, etc) this is known as product <em>length</em>.
Width is the number of categories, length is the number of items in each category.
Answer:
1. Positive Externality ; 2. Negative Externality ; 3. Positive Externality.
Explanation:
Externalities are benefits or harms to other parties , without payment received or made for them respectively.
Positive Externalities : Externalities positively effecting others. Eg-Education
Negative Externalities : Externalities positively effecting others . Eg-Pollution.
1. Bridal Shop's signage facelift creates benefit for other strip mall businesses also (better business visibility), without former receiving money & latter paying money.
2. Local church celebration creates benefit for all attendants (recreational benefit) ,without former receiving money & latter paying money.
3. Local School bus ramp construction creates harm for commuters of that area (traffic inconvenience) , without former paying money & latter receiving money
