About This Chapter
Business Strategy Acumen - Chapter Summary
During this chapter, your employees will take a look at several types of business strategies. The bite-sized video lessons show your employees strategies for market and non-market businesses, the strategic management process, Porter's five forces and strategies pertaining to:
The chapter can be accessed on any computer or mobile device, which makes it easy to assign these lessons or use them during a training session. Accompanying each lesson are short quizzes to help employees check their acquired business strategy acumen.
How It Helps
- Builds awareness: The chapter is designed to establish an awareness of effective business strategies that your employees can use in the workplace.
- Examines several strategy types: The chapter's lessons examine strategies for a variety of business purposes, such as growth, pricing and sales.
- Identifies business objectives: Employees who complete the chapter will be able recognize the primary objectives for various business strategies.
By the end of the chapter, your employees should be able to:
- Compare several types of business strategies
- Outline strategies for non-market and market business environments
- Define Porter's five forces
- Recognize examples of value chains
- Evaluate growth strategy
- Explain how firms establish a pricing strategy
- Identify the elements of sales strategies
- Name common marketing strategy objectives
- Assess the relationship between business strategy and human resources
- Discuss the strategic management process
1. Different Types of Business Strategies
Businesses are in business to make money. In order to accomplish this objective, a business may employ different business strategies in order to win over customers and generate profit. In this lesson, you'll learn about some of the common strategies.
2. Strategies of Market & Non-Market Business Environments
Companies must employ market and non-market business strategies in order to satisfy stakeholders and be profitable in the workplace environment. In this lesson, you will learn the specific strategies that lead to profits and stakeholders' support.
3. Porter's Five Forces: Definition & Examples
There are many factors to consider when creating a business. One of the most important is the competitiveness of the industry. In this lesson, we look at Porter's Five Forces to analyze an industry's competitive forces.
4. What Is a Value Chain? - Definition, Analysis & Example
This lesson discusses what a value chain is and how it can help a business meet the needs of customers. It also provides an analysis of the effectiveness of the value chain actions.
5. What is Growth Strategy? - Definition & Examples
This lesson will define growth strategies. It will also provide simple examples of how growth strategies can be used by a company looking to expand its business.
6. Pricing Objectives: How Firms Decide on a Pricing Strategy
After watching this video, you should understand pricing strategy as it relates to the marketing mix. The three types of pricing strategies are profit-maximization, sales-oriented and status quo.
7. Sales Strategy: Definition, Elements & Implementation
Understanding sales strategy and implementing effective plans can help a company sell more of its product and target the appropriate customer. This lesson explains the logic in establishing a sales strategy.
8. What Is Marketing Strategy? - Examples & Objectives
In this lesson, we will focus on the components and core elements used to plan a marketing strategy. In addition, we will discuss the importance of measuring the impact of a marketing strategy.
9. The Relationship Between HR & Business Strategy
An organization must have a strong human resource strategy to achieve its mission. As you will see in this lesson, an effective human resource strategy focuses on recruiting, training, and retaining quality employees.
10. The Strategic Management Process
We will be reviewing the strategic management process, starting with the four main steps of the process. These steps provide the foundation for understanding strategic management as a whole and will serve you well as you deal with management decision-making situations.
11. Practical Application: Using Porter's Five Forces Model in Your Business
Industries have competitive forces that can make it difficult to make money. One way to analyze the viability of a business is to look at the competitive forces around it. This scenario asks you to analyze an industry based on Porter's Five Forces.
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