Business Strategy

Running head: BUSINESS STRATEGY
Business Strategy
Name of the Student:
Name of the University:
Author’s Note:

1BUSINESS STRATEGY
Table of Contents
Introduction................................................................................................................................2
Background Information............................................................................................................2
Key Strategies............................................................................................................................3
Strategic Planning Process and its Implementation...................................................................4
Influences on the Strategic options used by the firm.................................................................5
Success of the Strategy...............................................................................................................5
Conclusion..................................................................................................................................6
Reflection...................................................................................................................................7
My ideas about entrepreneurship before the interview..........................................................7
Entrepreneurs and Business Strategies...................................................................................7
Similarity of the entrepreneurs...............................................................................................8
My Learning Experience........................................................................................................8
References..................................................................................................................................9

2BUSINESS STRATEGY
Introduction
As opined by Madsen and Walker (2015), the contemporary business world is starkly
different from that of the earlier times and the business firms in order to gain success within
the business markets are actively taking the help of different kinds of strategies. Thompson,
Strickland and Gamble (2015) are of the viewpoint that the change undergone by the business
world is not just limited to the limited to the innovative strategies used by the firms but also
the business models, products or services offered by them and other aspects of their business.
This paper will undertake an analysis of the business strategies used by the hair and beauty
salon, Morrison’s Salon and its related aspects.
Background Information
Morrison’s Salon specializes in hair styling and also offers various beauty services
face-wash, facials and others to customers from all age brackets. More importantly, the salon
is especially known for the bridal make-up and hair-styling that it offers and this as a matter
of fact is the major source of income of the concerned salon. However, the customers in order
to use the services offered by the concerned salon had to make prior appointments and the
customers have the option to pay for the services both in cash and also through the usage of
their credit cards and other kinds of cards. In this regard, it needs to be said that the major
value proposition of the services offered by the salon is the fact that the beauty and hair
styling services offered by it are not only comparatively cheaper but at the same time are of
high quality. It is pertinent to note that the salon in order to offer quality services to the
customers takes the help of products which are premium priced however through the
effective usage of the cost leadership the salon is being able to cater to a large number of
customers and this in turn compensates for the low profit that the salon on individual