Broad Or Focused Strategies - Choosing Your Strategy - Startup And Small Business Saturdays Video
A focused strategy occurs when a firm is appealing to a narrow audience. That is, they are serving only a narrow segment of the population, but they are serving that narrow segment quite well. This is also sometimes called a specialist strategy.
A broad strategy occurs when a firm’s offerings appeals to a much larger audience. This is sometimes called a generalist strategy.
The answer to when it is better to choose one or the other is that it often depends on the context. While a generalist strategy might serve a larger audience with more potential, it often does not serve their needs completely and opens up the possibility for a specialist to enter. On the other hand, specialists have a greater risks because a market fluctuation and consumer preference changes.
That being said, with a small business or a start up, I would suggest that the best strategy is a focused strategy because it reduces the demands on your attention. To do a broad strategy well one has to have systems in place that are easy to replicate across the audience. This is generally difficult to do until you start growing and you start getting market demand. Once you start getting significant market demand for other areas, you can prioritize which segment you can go into. However, save your time and effort to focus and get the one thing that you’re doing perfected.
Want to learn more about strategy and startups? Check out:
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A Short Trailer Of What r3ciprocity.com (Editing and Proofreading Software) Is All About:
https://youtu.be/kAj5GcsGLmA
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As a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
r3ciprocity.com: Peer proofreading and editing platform
A new platform where you can earn credits by editing other people's documents. Use these credits to have your own work edited. If you do a good enough job, you can convert these credits to money.
The goal of the platform is to get people to 'pay it forward' and help other people out by creating incentives for people to give back.
Check out www.r3ciprocity.com
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