Generally, Companies Follow One of Two Broad Strategies: Offering a Quality

question 8

Essay

Generally, companies follow one of two broad strategies: offering a quality product at a low price, or offering a unique product or service priced higher than the competition. Assume you are opening a small food outlet across the street from your campus. How might that business be operated under each of the two broad strategies? Consider the following specific operational areas:
a.target customers
b.products offered
c.product pricing
d.location choice
e.advertising content
f.advertising media

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Definitions:

Water

Water is a transparent, tasteless, odorless, and nearly colorless chemical substance that is the main constituent of Earth's streams, lakes, and oceans, and the fluids of most living organisms.

Level of Formality

The degree to which language, attire, or behavior is formal or informal, often context-dependent.

Evening Wear

Clothing designed to be worn for formal events and social functions held in the evening.

Designer Clothing

Apparel created by a well-known fashion designer, often characterized by high quality, exclusivity, and high price.