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DEFINE BUSINESS STRATEGY. The definition of business strategy includes six areas of analysis. The product-market focus is the first step. The underlying capabilities in implementing a product-market strategy include the technologies, processes and market access that a firm has. These address the business and its key success factors. Businesss strategy includes customer targeting, product lines and positions, technical capabilities, strategic processes, and market access. * Describe the customer targeting strategy and its requirements. Without targeting a specific customer segment, it is impossible to develop effective products or services that meet specific customer needs and requirements. Each segment, by definition, has a different set of requirements. While differences may be minor at time, they affect the decision of the customer to purchase the product or service. * Describe the product line and product positioning strategies for the market segment. The business unit must decide what it will offer and how those offerings will be positioned within the competitive environment. A firm can have one product or a product line that covers a range of prices with a variety of features. The price-quality-performance position is a relative determination compared with competitors' prices, quality levels and features when comparing your products with alternative products in the marketplace. * Identify the technologies required to implement the product-market strategy. Technologies provide the basic capabilities needed to develop products or services, as well as the associated processes used in developing or delivering them to the marketplace. Technology determines the range of products and speed with which they can be developed and delivered to the marketplace. * Identify the strategic process(es) required to implement the product-market strategy. The

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