Difference Between Basic and Applied Research

Basic Research Vs. Applied Research: 8 Key Differences [Explained]

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Basic Research Vs. Applied Research Basic and applied are the two main types of research. In, basic research is about advancing existing knowledge or building new theories. And, applied research is about finding solutions to immediate problems. Basic research helps to develop or advance knowledge whereas applied helps to find out solutions for practical problems. …

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Research

What is Research? Definition, Features, Types, and Approaches

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What is Research? Research is the systematic inquiry or investigation into a specific problem or issue that leads to new or improved knowledge for solving the problem. Research is done mainly for two purposes: to enhance the bank of knowledge or to develop new theories in the field and to identify the problem and search …

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Strategy Implementation

What is Strategy Implementation and How To Implement it?

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What is Strategy Implementation? Strategy implementation is the sum total of activities required for the successful execution of the strategy. It is the working of the outlined plans. Strategy implementation is the process by which objectives, strategies, and policies are put into action through developing programs, budgets, and procedures. – Wheelen and Hunger Strategy implementation …

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Business Level Strategy

What is Business Level Strategy? Definition, Types, and Ways To Implement

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What is Business Level Strategy? Business level strategy is a strategy that attempts to create customer value and achieve a competitive advantage by exploiting core competencies in specific product markets. It combines and integrates the set of commitments and actions of a business to achieve a competitive goal. Business level strategy deals with the question …

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Corporate level strategy types

4 Types of Corporate Level Strategy [+Pros/Cons]

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Types of Corporate Level Strategy/Grand Strategy Mainly talking the types of corporate level strategy/grand strategy are of four types viz. stability, expansion, retrenchment, and mixed strategy. The corporate-level strategy means the top-level strategy made by the top management of the organization. This strategy attempts to coordinate all of a firm’s resources to a corporate objective …

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Retrenchment Strategy

What is Retrenchment Strategy? Definition, Types, Adopting Reasons, & Pros/Cons

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What is Retrenchment Strategy? A retrenchment strategy can be defined as the process to retrench weak business units with the aim to maintain a stable financial position. Retrenchment here refers to cutting down or reducing. Firms retrench products or services that are no longer profitable as they increase only expenses. Retrenching also goes for employees …

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Growth Strategy

What is Growth Strategy? Definition, Types, Reasons, and Pros/Cons

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What is Growth Strategy? A growth strategy can be defined as a set of actions that are designed to achieve growth in sales, profits, assets, productivity, market share, or a combination of these. This strategy is when you want to grow your sales or product lines, for example. Growth strategy is also called expansion strategy …

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Stability Strategy

What is Stability Strategy? Definition, Types, Reasons for Adopting, & Pros/Cons

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What is Stability Strategy? The stability strategy of an organization is an attempt to continue its business activities without bringing any significant changes in its operation and direction. Through this strategy, firms try to maintain their current market position, and if they change only incremental changes are made. A stability strategy is one of the …

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Corporate Level Strategy

Corporate Level Strategy: Definition, Features, Types, and Importance

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What is Corporate Level Strategy? Corporate-level strategy is the top-level strategy that is formulated by the top management. The aim of such strategies is to achieve corporate objectives. Corporate-level strategy is also called grand strategy. This strategy sets the overall direction of the company and the management of its business or product portfolio. It deals …

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Strategic Group Mapping

What is Strategic Group Mapping?

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What is Strategic Group Mapping? Strategic group mapping can be defined as the analysis of the competitive positions of firms in a particular industry. In other words, it is the analysis of the competitive positions of firms within strategic groups. A strategic group can be defined as a group of firms in an industry that …

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