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:

Baseline Principles

Fundamental guidelines or norms that serve as a starting point for further development or evaluation.

Distributive Justice

The ethical concept concerning the fair distribution of resources and wealth among all members of a society.

Affirmative Action

Policies or measures that are intended to address past discrimination and increase opportunities for historically underrepresented groups.

John Rawls

An American political philosopher in the liberal tradition, best known for his theory of justice as fairness, which emphasizes a form of social contract as a way to determine the principles of justice.