Describe Porter's four competitive strategies and explain how they differ from each other. Provide an example of a firm that might use each.
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Porter identified two "wide" strategies (cost-leadership and differentiation) that deal with broad markets, and two "narrow" strategies (cost-focus and focused-differentiation) that target specific markets.
1. Cost-leadership focuses on keeping costs and prices low for a wide market, and examples are Dell, Timex, Home Depot, and Bic.
2. Differentiation stresses offering unique and superior products and services to a wide market and examples include Ritz-Carlton, Lexus, and PepsiCo.
3. Cost-focus emphasizes keeping low costs and prices, but to a narrow market and examples include low-cost products sold at discount store and discount regional gas station chains.
4. Focused-differentiation stresses unique and superior products to a narrow market and examples include Rolls Royce, Cartier, Turnbull & Asser, and niche books.
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In a sequential new product development process, which of the following is true of the product development step?
A) Product development is usually followed by a business analysis of the product. B) Product development involves introducing a product into realistic market settings. C) Product development avoids testing products on actual customers due to liability concerns. D) Product development is usually followed by test marketing. E) Product development helps top management review profit projections.
The Census of Population is conducted every _____ years
a. 3 b. 5 c. 7 d. 10
Current assets and current liabilities are expected to be used up or come due within one year or the company's operating cycle whichever is longer.
Answer the following statement true (T) or false (F)
What does the word equity in equity theory refer to?
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