Business Studies Year 13 revision Day 14 - Strategic Direction, Porter's Strategic Matrix
On day 14 of the Year 13 Recap we review the general business strategies outlined in Porter’s Strategic Matrix.
Whenever a business is designing and implementing a strategy, the management team of a business need to decide upon the direction that the business wants to take to succeed in achieving that strategy. Often, this involves a business working out where it is going to position itself in the marketplace in relation to its targeted customer base. Michael Porter stated that there are four general strategies available to any business in any industry. The matrix is used by businesses as a framework for identifying the strategic position they will be taking going forward.
Here Jack takes you through the revision slide on Porter’s Strategic Matrix: