Business Strategies For Turbulent Times
In the almost 30 years that I’ve worked as a CPA, I’ve had the opportunity to see businesses go on to achieve amazing results in the marketplace and for their community and for the owners. For example, cost leadership (low prices), differentiation (uniquely desirable products and services), or focus (niche markets) — three options originally suggested by Michael Porter Answering this question requires you to understand the strengths and weaknesses of your business and the competition you face.
He used an example of retail department stores, where their theory of the business assumed that people who could afford to shop in department stores would do so. However, many shoppers abandoned department stores in favor of specialty retailers (often located outside of malls) when time became the primary factor in the shopping destination rather than income.
Real-life marketing primarily revolves around the application of a great deal of common-sense; dealing with …