types of strategies in strategic management with examples Emergent strategies may result in both success and failure depending on the effectiveness of the strategy. Examples of integrated strategy firms include the automobile companies who manufacture a “luxury” brand, such as the Kia K900. Wal-Mart and Costco are good cost leadership business strategy examples. Failure of FedEx’s . strategic management. 8 hours ago · Strong communication and negotiation skills. 2). It is an unplanned strategy that is created by an organization while acting in response to the various unexpected threats, opportunities and challenges. Strategic Management: Creating Competitive Advantages (Gregory G. Even more important, transparency encourages trust and collaboration among partners, which … They outline six stages in this system: 1. 1 Stability Strategy – Stability strategy is adopted by businesses in situations where the group does not want to take any risks and further wants to mitigate any existing … Introduction to Capital Allocation Strategies Capital allocation is the process of determining how funds are allocated and employed in a business or investment portfolio. 4 Types of Innovation Being a First Mover: Advantages and Disadvantages The idea of first mover advantage borrows from military strategy. This causes organizations to experience pitfalls in the process. Information technology. However, problems arise when multiple business houses of the same parent organization employ the same types of integration strategy. Classification of Strategic Alternatives. I am an independent consultant with experience in strategy consulting, private equity, VC-backed businesses, and entrepreneurship. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself along … Types of Strategies. It may develop a clear competitive strategy through focus. In the business world, … 9 hours ago · Strong communication and negotiation skills. One production and distribution industry in the world. These five types of strategic management represent a continuum of organizational focus and action. , there are three types of strategic positioning strategies: costleadership strategy, differentiation strategy and focus strategy. This model helps you outline the specific steps you need to take to reach your goals, monitor progress to keep everyone on target, and address issues as they arise. Peter FitzGerald’s extensive leadership experience in blue-chip organisations and his specialist knowledge in general management, business management, marketing and sales, strategy development and delivery, and change management processes, have equipped him to provide business and leadership development expertise to senior … 7. A guide to the common types of strategic vision. An example of strategic leader foresight would be how automotive industry leaders, whose primary industry was founded on fossil fuel engines, have begun to adapt … Achieving Knowledge Mobilization through an Outcome-based KM Strategy. A basic model of strategic management, SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Super Shoes, for example, sells name-brand shoes at inexpensive prices. Relevant: Your marketing goals should be relevant to your overall business … I was born in a family of wealth and high knowledge, cultivate a strong knowledge and business skills. A firm following a cost leadership strategy offers products or services with acceptable quality and features to a broad set of customers at a low price (Table 6. The matrix was developed by applied . Each strategy involves a different … Information technology. Some examples of the types of projects that play to my strengths are: - Strategy - defining the strategy, developing execution plans and supporting implementation. This indicates that a particular management role has significant authority to set goals as contrasted with … Definition: A stability strategy is defined as a business strategy adopted by a business to maintain its market share, current position in the market, and growth and Profit in the present market environment. Many well-known firms, … Relationship management is the art of influencing people to become to best version of themselves. 2. The strategic management process begins with framing a mission statement. The risk brought about by poor governance, risk and compliance processes within your organization. This is done in . 4 Types of Innovation – Strategic Management 7. Who is cost leadership best for? 1) Realistic. What is business strategy with example? Business level strategy At this level, leaders plan how to achieve the organisational mission rather than what the mission should be. Since the childhood I began to explore the business world, learn to various business . For example, Whitbread has set up strategic partnerships with suppliers such as Europcar and B&Q that allow them to benefit from economies of scale when procuring goods and materials. Business strategy is concerned with actions that … An example of strategic leadership is when a manager utilizes motivation, influence, and guidance to help achieve an organizational goal. Strategic Formulation. Defining a Mission and Vision: Strategic management involves setting a mission and vision for the organization. Action Items Assigning tasks to people that are tracked with a lightweight process such as meeting … For example, general contractors face indirect competition from do-it-yourself promoters, such as Lowes or Home Depot. Basic model. In the business world, … Strategic goals vs. The 3 Levels of Strategy are: The three levels of … Strategic Management Model: There are mentioned thirteen most important Strategic Management Model and diagrams with examples: Such as: Balanced Scorecard Strategy Map Value Chain … Because change affects the strategies of almost all organizations, understanding the concepts of intended, emergent, and realized strategies is important (Table 1. Multinational corporations choose from among three basic international strategies: (1) multidomestic, (2) global, and (3) transnational. Quantitative HR metrics focus on ‌numbers and data. Strategic management is the organization and execution of business resources in order to achieve your company … The five types of strategic management enumerated from most simplistic to most complex are linear, adaptive, interpretive, expressive, and transcendent. 9 hours ago · Strong communication and negotiation skills. Within directed change there are three different types of change management: developmental, transitional, and transformational. These five types of strategic management. This is a factual update to Working Together to Safeguard Children 2018 to reflect recent changes to legislation, including: Integrated Care Boards: from 1 July 2022, integrated care boards have . An investor who buys a government bond is lending the government money. organizing is coordination of the human and material resources of an organization. In industries in which there is strategic interaction among competing firms, companies are. The first step of the process is straightforward: You must identify the goals that the new strategy should … Strategic Management: Creating Competitive Advantages (Gregory G. According to Porter’s generic strategy matrix, companies can be segmented in two ways: narrow and broad scope, cost and differentiation source of competitive advantage. Leading and accelerating. 13. In the concentric strategy, the business launches a similar product in the existing product line. This button displays the currently selected search type. . Focusing on generic strategies allows executives to concentrate on the core elements of firms’ business-level strategies. A bond is a loan that the bond purchaser, or bondholder, makes to the bond issuer. In the business world, … For example, ransomware attack: The scenario is obviously related to the business continuity. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself along … Multinational corporations choose from among three basic international strategies: (1) multidomestic, (2) global, and (3) transnational. Defensive strategies are divided. Dess; Alan Eisner; G. The . SWOT Analysis Model. Secondly it states four management activities: Planning, organizing, actuating, and controlling. Bitstream Copying—is more commonly known as "backing up your data," and refers to the process of making an exact duplicate of a digital object . The Bottom Line. By gauging available opportunities and addressing weaknesses, organizations can leverage strengths and circumvent threats. One of the most important skills for a director of strategic partnerships is the ability to communicate effectively with both internal stakeholders and external partners. The principles of scientific management as proposed by Henri Fayol with examples. The corporate level is filled with the following: – Stability strategy – Expansion … Types of Strategies Although there are many methodologies in business management (Kanban, Scrum, Agile, and others), three main strategies stand out very clearly, separated from each other by the principle of orientation. Achieving Knowledge Mobilization through an Outcome-based KM Strategy. Strategic management involves formulating, implementing, evaluating, and improving strategies to achieve an organization’s long-term objectives, considering internal and external factors. If an investor buys a corporate bond, the investor is lending the corporation money. A strategic management/design approach is discussed by applying the two-stage design method. The study aims to identify the utilization of course refresher in assessing and facilitating teacher-learning (CRAFT) for professional faculty development and analyses what makes utilization of course refresher in assessing and facilitating teacher-learning (CRAFT) becomes professional faculty development such as role, … It is possible, therefore, to think of strategic management in three main types: business strategy, operational strategy and transformational strategy. Exercises Which of the three international strategies is Kia using? Many digital preservation strategies have been proposed, but no one strategy is appropriate for all data types, situations, or institutions. There are three/four generic strategies, either lower cost, differentiated, or focus. These strategies vary in their emphasis on achieving efficiency around the … Table of contents Hide 1 What are the 4 four strategy elements? 2 What are the 4Cs of teamwork? 3 Which of the 4Cs is most important? 4 What are the 5 Ps of promotion? 5 What are the 4 main aims of promotion? 6 What are the 5 methods of promotion? 7 What are the 4Ps examples? 8 What are the modern 4Ps? 9 Why was 4Ps created? 10 What are … 1. continuously involved in defensive and offensive strategies. These include goal setting, industry and organizational analyses, strategy formation, strategy implementation; and the measurement, monitoring, and controlling of strategies. Brand Research: brands are felt rather than thought. This includes the ability to listen actively, clearly articulate ideas and strategies, and build a rapport with others. Size is not what creates a successful roll-up; what matters is the right kind of size. 5: Strategic Planning and Learning: Intended, Emergent, and Realized Strategies Strategic planning, usually in the form of a business plan, is a key aspect of creating a new venture. 4. Emergent strategies are also dynamic in nature. Planning comes naturally to many managers and as such, has become the default first step. 1). For example, a startup that finds financing, partners and customers through employees who know many influencers in an industry. 7 Key Steps in the Implementation Process. Quantitative metrics produce precise numerical results. For an organization to flourish, it is absolutely essential to have better and long-lasting relationships with customers. • Long-Lasting Relationships With Customers. This is a primary strategy in strategic management that refers to a plan which … Quantitative metrics. In this paper we discuss several defensive. There are three main international strategies available: (1) multidomestic, (2) global, and (3) transnational ( Table 7. 21 Examples of Strategy. Centralization of … Following are 12 different strategy types that can help a business reach its unique goals: 1. ” Achieving Knowledge Mobilization through an Outcome-based KM Strategy. It is important to note that a functional level strategy . Management strategy-effective and efficient distribution. A strategy, for example, is part of strategic planning or management. Example of strategic management. The existence of economic leadtime is ascertained numerically, … Some examples of Corporate strategy are growth strategy, consolidation strategy, and global strategy. These strategies vary depending on two pressures; 1) on … Strategic Management: Creating Competitive Advantages (Gregory G. 10 “International Strategy”). Attainable: Set ambitious goals but make sure that attaining them is realistic. Although there are many methodologies in business management (Kanban, Scrum, Agile, and others), three main strategies stand out very clearly, separated from each other by the principle of orientation. Strategy as a Plan. Also relevant are deliberate and unrealized strategies. Your organizational strategy should, first and foremost, be realistic. Benefits of vertical integration strategies include enhanced product quality and increased profitability. An example of strategic leadership is when a manager utilizes motivation, influence, and guidance to help achieve an organizational goal. 3. Types Of Strategic Integration Strategic integration frameworks could be broadly categorized into two major divisions. A few prominent grand strategies are as follows; 1. Identification. They are issued by law . We'll discuss how the 3 strategy levels in an organization differ and provide some context on how to use these different levels of strategy in strategic management. Strategic Management Types - In a stable and predictable environment, strategic planning can enable an organization to achieve, manage and maintain success. Weaknesses. The Goals of Business Strategy Business strategy is primarily concerned with the way in which an organization will approach its consumers. This technique is … A generic business-level strategy is a general way of positioning a firm within an industry. In an organization, strategies are tiered into three sections: corporate, business, and functional. Horizontal Integration Relationship management is the art of influencing people to become to best version of themselves. The stability strategy is usually adopted by mature businesses in an established market that is the most risk to be disrupted by a new . Below, table 6. Process Of Strategic Management #1 – Identifying Direction #2 – Analyzing Resources #3 – Framing Strategies #4 – Implementing Strategies #5 – Evaluating Effectiveness Examples Example #1 … For example, a company may re-focus on loyal or less price-sensitive customer segments or product lines best known to it. It is a known fact that we become who we spend time with. It concentrates on increasing the competitive position of the company’s products and services. Brand Strategy: strategy without empirical evidence is just opinion. Examples of competitive strategy include differentiation strategy, low-cost strategy, and focus or market-niche strategy. For example, if the corporate level strategy is to diversify business operations, a business level strategy would be to rebrand a product for a new demographic. Reduce cost by 12% to become a profitable company by 2024. Fast delivery of new products and trends in the market. In the business world, … The five types of strategic management enumerated from most simplistic to most complex are linear, adaptive, interpretive, expressive, and transcendent. Planning is an essential part of the strategy formulation process, so take time to Brainstorm new opportunities. Change of … Relationship management is the art of influencing people to become to best version of themselves. Organizations can respond to environmental factors, anticipate environmental changes, … Relationship management is the art of influencing people to become to best version of themselves. The … Information technology. Michael Porter described the theory in his 1985 book Competitive Advantage: Creating and Sustaining Superior Performance. These strategies include strategic partnerships with suppliers, real estate asset management and optimising back office processes. KM is the process of identifying, organizing, storing, and disseminating information within an organization. There are three main international strategies available: (1) multidomestic, (2) global, and (3) transnational (Table 7. It is important to recognise this as the different kinds of change require different strategies and plans to gain engagement, reduce resistance, and ease acceptance. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself along … 1. Quantitative metrics. The first strategy is to focus on client requests and feedbacks. These five types of … Examples of integrated strategy firms include the automobile companies who manufacture a “luxury” brand, such as the Kia K900. Introduction to Capital Allocation Strategies Capital allocation is the process of determining how funds are allocated and employed in a business or investment portfolio. The potential for political change, or the political landscape overall, to disrupt your business. Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. culture, and the strategies its leaders’ select. For example, a goal to “increase leads generated by 20%” is better than just “increase leads generated. The definition of leadership is an act or ability of an individual to motivate, influence, and guide others in an organization to achieve an objective. In the context of . Features of Strategic Management. Jobs Types of Strategies. A firm can use one, two, or all three as … Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. I help brands define their brand identity and position themselves as a unique, relevant and fascinating brand in the … 9 hours ago · Strong communication and negotiation skills. Governments, corporations and municipalities issue bonds when they need capital. The standards themselves (part 1 and part 2) have statutory force (under regulation 6 (8) (a) of the Education (School Teachers’ Appraisal) (England) Regulations 2012). Experienced Emergency Management and Civil Protection professional with an adaptable and initiative-taking attitude with the majority of my career spent operating with and supporting staff at the strategic level within multi-agency environments, both in the UK and internationally, demonstrating an ability to work in an effective, collaborative, and … Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i. 3, “A Model of Intended, Deliberate, and Realized . Using a cost leadership strategy offers firms important advantages and disadvantages. Strategic alternatives can be classified into four different categories. With startup, private equity and strategy consulting experience I’m capable of seeing the big … The different kinds of strategies are classified into:-. Set Clear Goals and Define Key Variables. - Seasoned leader w/ 18+ years experience in successfully leading and delivering global solutions, strategy analysis / execution, management consulting, and business / workforce planning to resolve challenges, scale and grow business - Recent 11+ years focus on technology, solution, investing, and strategy in ESG, Sustainable Investing and Net … Three types of strategic Marketing Strategies are regarded as defensive strategies. The first step of the process is straightforward: You must identify the goals that the new strategy should … Taxation (SBA21) Disaster Readiness & Risk Reduction (DRRR 01) Entrepreneurship In Tourism And Hospitality (THC1109) business logic (001) Secondary Education (BSED 1201) Purposive Communication (GEC 4000) Financial Accounting And Reporting (AC108) Management Accounting (BSMA 101) Bachelor in Secondary Education (ESP001) Law … I was born in a family of wealth and high knowledge, cultivate a strong knowledge and business skills. Abstract. Centralization of activities. Examples of functional strategies in this area: product development, diversification, and market penetration. Monitor and learn 6. Following is an example of failed emergent strategies. 7 Types of Strategic Vision » Key Resources . For example, use this formula to calculate employee turnover: Divide the number of separations during a time frame by the average number of employees during that time, and multiply by 100. Changing a strategy can … A strategy map is a diagram that documents the strategic goals being pursued by an organization or management team. A list of common strategies with examples. 10 “International Strategy” ). Companies should concentrate their strategy on either cost leadership, focus, or differentiation. Relationship management. Planning is thinking of an actions in advance. The Ansoff Matrix, often called the Product/Market Expansion Grid, is a two-by-two framework used by management teams and the analyst community to help plan and evaluate growth initiatives. This technique is instrumental in determining growth strategies. T. Online market distribution and world market penetration. It involves analyzing financial data and taking into account risk management policies and other factors to decide on the best allocation of funds among various options. Plan the strategy 3. Specialties: Turning Strategies into Execution, Resource, Project, Portfolio, Risk Management, Program, Product Management, Digital Transformations, Solution Architecture in EPM systems. e. It is important that with the people . Structuralist. The first step is to define the vision, mission, and values statements of the organization. Brand Communication: think before creating. Strategic Leadership. Opportunities. ” Measurable: Set up a process for measuring your progress toward your goals. Less money spent in advertisements. 4 Types of International Strategies. A macro-level (or economic) model of a job-shop is proposed and developed for periodic and dynamic types. Develop the strategy 2. This training course is focused on equipping participants with the necessary measures to put in place while planning for retirement. 7 Types of Analogy. The best practices for prevention of ransomware attacks will be an excellent strategic hypothesis for existing cybersecurity strategy, so it fits the second category as well. For example, starting a satellite office that is close to many of your customers. For example, Confederate general Nathan Beford Forrest’s attack plan was simply stated as “git thar fustest with the mostest. 3 illustrates a few examples in relation to entertainment and leisure. These strategies vary in their emphasis on achieving efficiency around the world and responding to local needs. Cost Focus. In particular, the tool helps stakeholders conceptualize the level of risk associated with different growth strategies. If your annual profit is consistently $100,000, then setting the goal to make $1,000,000 in profit next year might be a bit unrealistic. Multinational corporations choose from among four basic international strategies: (1) international (2) multi-domestic, (3) global, and (4) transnational. 11. . Objectives are usually set by the top management and serve as a guide for overall planning. In the business world, … Types of Intensive Strategies in Strategic Management Market Penetration Market Development Product Development Each one is discussed below in detail: 1. Maintain “strategy as a perspective” where e-type does not go into business with a client with the intention to conform to the suggested norm, rather they look forward to creating designs that beats the imagination of the . Certain parts of ransomware scenarios should be monitored – the new . (3) Obtained. 12. Enhance Mission & Organizational Performance. Beyond this, my other experiences … (2) Attained core modules in Strategic Management, Topics in Advanced Strategy, International Business, International Business Strategy and Ethics in Academic Practice. The basic strategic planning model is ideal for establishing your company’s vision, mission, business objectives, and values. Camping Strategy Getting physically close to the action. It’s a strategy where you retreat and back from the earlier made wrong decision, and transform the company’s . Generic Competitive Strategies. The information … 8 hours ago · Strong communication and negotiation skills. While strategic … For example, the vertical integration strategies of a fast food chain might include the purchase of a cup factory or a bun factory in order to cut the costs of those supplies. In the business world, … Marketing strategy is an organization's promotional efforts to allocate its resources across a wide range of platforms, channels to increase its sales and achieve sustainable competitive advantage within its corresponding … Preparing for life after a paid working period is of utmost importance and should be properly planned. Market Penetration In this strategy, the organization tries to enhance its market share through greater marketing efforts for its present products or services. It’s great … An emergent strategy is the one that emerges with time. The following are examples of management strategies. Competitive Strategy. Strategic Objectives and Analysis. The most popular set of generic strategies is based on the work of Professor Michael Porter of the Harvard Business School and . Examples of financial strategic goals These examples do not represent Asana’s goals, and are merely included here for educational purposes. These are: Vertical Integration Strategy Horizontal Integration Strategy Let’s review these in depth. Types of Strategies. Little Debbie snack cakes offer another example. 1. into pre-entry and post-entry . It is an element of the documentation associated with the Balanced Scorecard, and in … The five steps in the strategic management process are environmental scanning, assembling a strategy, implementing the strategy, and then monitoring and … Information technology. Kia keeps costs down by using many components of its low-cost models but adds additional features comparable to luxury car producers. Rent Seeking Any strategy that seeks profit without producing value. Now, it needs to undo some of its works before it could impact the company’s profitability and income. Strategic management is the direction and control of business strategy where strategy is a plan to achieve goals in an environment of constraint and competition. I am a strategic problem solver who enjoys providing structure to solve complex challenges, and the impetus to get things done. and offensive strategies that managers can you for market success. Business Strategy This type of strategy is formulated at the business-unit level. It gives the problem of setting the economic leadtime in the respective models. Plan operations 5. They can also coordinate advertising across a city to reduce costs and raise revenues. 9. a systematic way of doing things. Figure 1. Through my current role as an ESG Propositions & Strategy Manager at Barclays, I’m developing core skills in sustainability like leadership, quantitative and qualitative analysis, strategic thinking, stakeholder management, alongside building an in-depth understanding of management within financial services. Vertical Integration Strategy The five types of strategic management enumerated from most simplistic to most complex are linear, adaptive, interpretive, expressive, and transcendent. The basis was formed by three strategies, … Research & development strategy. The army employs KM to accomplish 4 organizational outcomes: Improve Decision Cycle Effectiveness. This indicates that a particular management role has significant authority to set goals as contrasted with … Within the domain of well-defined strategy, there are three uniquely different and crucial strategy types: Business strategy Operational strategy Transformational strategy These three different strategies are crucial for a business’s success. In the horizontal strategy, the company launches … Political risk. For example, through volatility in a country within your supply chain. Each strategy involves a different approach to trying to build efficiency across nations and trying to be responsiveness to variation in customer preferences and market conditions across nations. Types of Strategy. Lumpkin; Gerry McNamara) . Their operations are so efficient and large scale that they can get the lowest pricing on goods, enabling them to sell them for prices of a much more affordable nature than other retailers. High profits can be enjoyed if a cost leader has a high market share. Kia keeps costs down by using many components of its low-cost models but adds … There are three concentration strategies: (1) market penetration, (2) market development, and (3) product development ( Table 8. Different Defensive Strategies Retrenchment Divestiture Liquidation Retrenchment: When the organization faces declining sales & profits then it considers the retrenchment strategy in which it reorganizes its activities by reducing its assets & costs. Financial risk. Increase total revenue by $10M in the next three years. Practical strategic alternatives analysis is based on the strategy that can . 1 “Concentration Strategies” ). As discussed in later chapters, for example, certain structures are better for achieving organizational objectives. Governance risk. … A few prominent grand strategies are as follows; 1. It is a general plan prepared by top management outlining resource allocation, priorities and takes into consideration the business environment and competition. The definition of strategic management with examples. Organizations that use a structuralists strategy begin by … Such corporate plans are framed at the corporate level by the top management Long range planning: It is a systematic & formalized process concerned with directing & controlling future operations of an organization to achieve the desired objective for period generally 5 or more years Information technology. My way of thinking and working: 1. Delegates will also know the importance of succession planning and how it contributes to organizational … A functional level strategy is a plan of action to achieve short-term, routine, or day-to-day business goals to support the corporate and business level strategies. Transparency during negotiations is the only way to ensure that everyone understands the partners’ goals (whether their primary focus is on improving operations or launching a new strategy) and that everyone is using the same measures of success. Below is a brief tour of the range of current options. , which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation, and reward system. According to famed business … There are three types of diversification: concentric, horizontal, and conglomerate. Strategic Management Process. The five types of strategic management enumerated from most simplistic to most complex are linear, adaptive, interpretive, expressive, and transcendent. For example, a company may change its business policies, structure, or processes in response to market opportunities or challenges. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 1 Stability Strategy – Stability strategy is adopted by businesses in situations where the group does not want to take any risks and further wants to mitigate any existing … In this article, we'll explore the 5 Ps in more detail and the tools that you can use in each area. Differentiation Focus. A turnaround strategy is a form of retrenchment strategy when a company realizes that it has made wrong decisions earlier. Test and adapt Through detailed subactivities—26 in total— Kaplan and Norton explain how organizations have successfully executed strategy via application of their management system. The Strategic Management Process. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself along dimensions valued by customers to command a higher price. Firstly it considers management as a "process" i. Basically, a functional level strategy helps a business to manage operational activities on a daily or routine basis. I was born in a family of wealth and high knowledge, cultivate a strong knowledge and business skills. The relationships among these five concepts are presented in Figure 1. An example of this would be how a sales manager. A furniture company named Wood's Fine Furnishings is preparing to introduce a new line of kitchen tables. Service Corporation’s funeral homes in a given city can share vehicles, purchasing, and back-office operations, for example. Both of these models are aimed at satisfying the customers' needs and. The Functional Strategy for research & development is about innovation and the development of new products as well as the improvement of existing products. Align the organization 4. Internationalization can be carried out through the following strategic approaches: 1) International Strategy - focusing on offering a value proposition in a foreign country without modification of differentiation; 2) Multi-domestic Strategy - involves modifying or differentiating a product to make it attractive or suitable to foreign markets; … 1. Base on Porter's generic strategy matrix.

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