What is a combined strategy?
Combination strategy is a source used by corporations or businesses to support their identified business objectives simultaneously. Businesses usually monitor goals such as growth, consolidation or other interests that include stability to improve their overall performance. Some of the strategies that may be combined include differentiation, costs and system that the company focuses on the identified market. All these strategies are aimed at increasing or improving the competitive advantage of the company.
One of the components of the combined advantage is the differentiation strategy. This strategy involves a targeted effort of the company to perceive its product or service as unique and innovative on the market that is full of similar products or services. Companies use different methods to grant this feeling or perception of the uniqueness of their own product brand, which already exists in different forms. Such methods include unique packaging, mysterious ingredients or smart promotions. UniqueSumming or service is a differentiation factor.
Another part of the combined strategy is the cost management strategy, which will intentionally decide to use all the sources available to its products to be the most significant. These sources may include the use of cheaper work through outsourcing or locating production facilities in countries with cheap work, as well as distribution costs by identifying efficient distribution channels. Reducing operating expenditure is worthwhile in terms of reduced costs to consumers. This type of strategy can help the company earn competitive profits and attract customers due to the low price.
The third component that can be included in a combined strategy is the Focus strategy in which the Compkter is selected for concentration. Such a place could be based on geographical considerations or identification of KOa species segment on the market. For example, a company that produces female clothing can decide to focus on the production of products focused on adolescent girls. The main reason for this segmentation is the belief that the company will work more efficiently if it focuses all its resources on only one market segment.
Combined strategy is a combination of any of these strategies at the same time. Therefore, the company could decide to use the strategy of differentiation and focus at the same time instead of concentrating on one. The combination could also be between cost management and focus, or any other combination that the company considers appropriate.