Business Stategies Flashcards
1
Q
What is Cost Leadership?
A
When a business has lower costs than its competitors. Cost Leadership may be achieved by setting up a chain of large retail shops and buying items in large amounts.
2
Q
What is Product Differentiation?
A
When a business offers superior benefits and features that competing products dont.
3
Q
What is Strategic Initiatives?
A
This is a major business plan of a business that once implemented is likely to have significant impact on the future of the business.
4
Q
What is Performance Management?
A
This is the process in which the employees of a business are made aware of the level of performance expected of them and involves the periodic review of their performance.
