Question

Joe Snyder is owner and general manager of Joe’s Seafood, a regional seafood restaurant chain. Joe told his store managers in their annual planning retreat, "We know seafood. We’ve been a prosperous business for 20 years. Growth projections for our industry are rosy, and I’d like to take advantage of our expertise and positioning. Beginning next year, we will introduce a broader range of seafood to our menu, to appeal to those diners with luxury tastes." Based on the given information, Joe is proposing an____

a. conglomerate diversification strategy.
b. differentiation strategy.
c. vertical integration strategy.
d. concentration strategy.
e. lateral diversification strategy.

Answer 1

Joe Snyder is proposing a differentiation strategy by introducing a broader range of luxury seafood items to expand and distinguish his restaurant chain's menu.

Step-by-step explanation:

Based on the information provided, Joe is proposing a differentiation strategy. This strategy involves adding a broader range of seafood to appeal to luxury tastes and differentiate the restaurant's offerings from competitors. It's a plan to enhance the uniqueness of their products and attract customers willing to pay more for premium options.