STRATEGY PETITIVE ADVANTAGE
CHAPTER 5
“The essence of strategy lies in creating tomorrow’petitive advantages faster petitors mimic the ones you possess today.”
“Strategies for taking the hill won’t necessarily hold it.”
Gary Hamel and . Prahalad
Amar Bhide
“Quote”
McGraw-Hill/Irwin
© 2003 The McGraw-panies, Inc., All Rights Reserved.
2
Strategy petitive Advantage
Competitive advantage exists when a firm’s strategy gives it an edge in
Defending petitive forces and
Securing customers
Convince customers firm’s product / service offers superior value
Offer buyers a good product at a lower price
Use differentiation to provide a better product buyers think is worth a premium price
Key to Gaining petitive Advantage
What is “Competitive Strategy”?
Consists of pany’s market initiatives and business approaches to
Attract and please customers
petitive pressures
Strengthen market position
Includes offensive and defensive moves to
Counter actions of key rivals
Shift resources to improve long-term market position
Respond to prevailing market conditions
Narrower in scope than business strategy
Objectives petitive Strategy
Build petitive advantage
Cultivate clientele of loyal customers
Knock the socks off rivals, ethically and honorably
Figure : The Five petitive Strategies
Market Target
Type of Advantage Sought
Overall Low-Cost
Provider
Strategy
Broad
Differentiation
Strategy
Focused
Low-Cost
Strategy
Focused
Differentiation
Strategy
Best-Cost
Provider
Strategy
Lower Cost
Differentiation
Broad
Range of Buyers
Narrow
Buyer
Segment
or Niche
Low-Cost Leadership
Make achievement of low-cost relative to rivals the theme of firm’s business strategy
Find ways to drive costs out of business year-after-year
Low-cost leadership means low
OVERALL costs, not just low
manufacturing or production costs!
Low-cost leadership means low
overall costs, not just low
manufacturing or production costs!
Keys to ess
Options: Achieving a Low-Cost Strategy
Open
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