Strategy can be designed by innovative thinking which can be beneficial for the

Question

Strategy can be designed by innovative thinking which can be beneficial for the long run. Business strategy defines the path that needs to be taken by the organization for meeting the business goals. So, business-level strategies basically focus on using different methods required for operating the business.

The two primary business level strategies are: -

The advantage of cost strategy is that the products will be available at lower cost which can help in earning more profits. The disadvantage of cost strategy is that the quality of products and services might get compromised.

The advantage of differentiation strategy is that it helps in creating value for the brand and product uniqueness. The disadvantages of differentiation strategy are the products will be costly, requires lots of research work and might affect the profits because of the competitors.

Explanation / Answer

What are the two primary business level strategies and what are the pros and cons of each strategy?

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