This document summarizes Porter's generic competitive strategies framework, which identifies three strategies for achieving competitive advantage: cost leadership, differentiation, and focus (specialization). Cost leadership involves having the lowest costs, differentiation involves being unique in the industry, and focus involves targeting a narrow market segment. Examples of companies using each strategy are provided, along with criticisms of Porter's framework noting that companies can use hybrid strategies. The document concludes by introducing the blue ocean strategy as an alternative to Porter's framework.
Porter's Generic Strategies with examplesdipalij07
This Presentation is containing brief description of generic strategies with examples of companies in detail....
Hope it will be helpful to everybody....
Enjoy...!! :)
Strategic formulation in Strategic managementYamini Kahaliya
This presentation is on Strategy formulation(of subject strategic management) and it covers following points :-
Define strategy formulation
Need of strategy formulation
Steps of strategy formulation
Problems in strategy formulation
Levels of strategy
Professor Michael Porter suggested three general positioning strategies to achieve competitive advantage :
Low Cost Leadership Strategy
Differentiation Strategy
Focus Strategy
The Generic Competitive Strategy (GCS) is a methodology designed to provide companies with a strategic plan to compete .The GCS is useful when a company is looking to gain an advantage over a competitor
Porter's Generic Strategies with examplesdipalij07
This Presentation is containing brief description of generic strategies with examples of companies in detail....
Hope it will be helpful to everybody....
Enjoy...!! :)
Strategic formulation in Strategic managementYamini Kahaliya
This presentation is on Strategy formulation(of subject strategic management) and it covers following points :-
Define strategy formulation
Need of strategy formulation
Steps of strategy formulation
Problems in strategy formulation
Levels of strategy
Professor Michael Porter suggested three general positioning strategies to achieve competitive advantage :
Low Cost Leadership Strategy
Differentiation Strategy
Focus Strategy
The Generic Competitive Strategy (GCS) is a methodology designed to provide companies with a strategic plan to compete .The GCS is useful when a company is looking to gain an advantage over a competitor
Strategies that strongly position the company against competitor and give the company strongest possible strategic advantage.
Competitive Strategies helps in:
Building profitable customer relationships
Gaining competitive advantage
Analyzing their competitors
Business level strategies—Porter’s framework of competitive strategies, Conditions, risks and benefits of Cost leadership, Differentiation and Focus strategies,
Strategic Analysis and choice—Corporate level analysis (BCG, GE Ninecell, Hofer’s product market evolution and Shell Directional policy Matrix)
Industry level analysis; Porter’s five forces model, Qualitative factors in strategic choice.
How to beat the competition with smart market positioning
What is a competitive advantage? What is positioning? Cost leadership/ differentiation. How can you assess the competition?
1
CHAPTER
4
BUSINESS-LEVEL STRATEGY
Chapter 2
The External Environment
Chapter 3
The Internal Organization
Vision
Mission
Chapter 4
Business-Level Strategy
Chapter 5
Competitive Rivalry and Dynamics
Chapter 6
Corporate-Level Strategy
Chapter 7
Merger and Acquisition Strategy
Chapter 8
International Strategy
Chapter 9
Cooperative Strategy
Strategy formulation
Strategic Competitiveness
Above-Average Returns
Chapter 10
Corporate Governance
Chapter 11
Organizational Structure and Controls
Chapter 12
Strategic Leadership
Chapter 13
Strategic Entrepreneurship
Strategy implementation
Analysis
Strategy
Performance
The Strategic Management Process
A-S-P model
Chapter 4:
BUSINESS-LEVEL STRATEGY
Chapter overview:
Defining business-level strategy
Customers: their relationship with business-level strategies
The purpose of a business-level strategy
Types of business-level strategies (link with Value chain and 5 forces)
3
Introduction
Strategy – increasingly important to a firm’s success and concerned with making choices among two or more alternatives. Choices dictated by
External environment
Internal resources, capabilities and core competencies
Examples from gaming industry (King Digital Entertainment vs. EA)
4
Introduction
Business level-strategy – integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets
Generic strategy – a strategy that can be used by any organization competing in any industry
5
Introduction
6
A firm must use a Business Level Strategy
It is not necessary to use all the corporate level strategies, acquisition, restructuring, international…
From the dry cleaner to the multinational corporation – a firm must choose at least one business-level strategy
The business level strategy is the core strategy - the strategy that the firm forms to describe how it intends to compete in the product market
Introduction
7
In terms of customers, when selecting a business-level strategy the firm determines:
who will be served,
what needs those target customers have that it will satisfy, and
how those needs will be satisfied
Customers: Their Relationship with Business-Level Strategies
8
8
Strategic competitiveness results when firm can satisfy customers by using its competitive advantages
Returns earned are the lifeblood of firm
Most successful companies satisfy current customers and/or meet needs of new customers
Customers: Their Relationship with Business-Level Strategies
9
Five components in customer relationships
1. Effectively managing relationships with customers
Deliver superior value
Strong interactive relationships is foundation
2. Reach, richness and affiliation
Access and connection to customers
Depth and detail of two-way flow of information between firm and customer
Facilitating useful interactions with customers – viewing the world from the customer’s eyes
9
...
Similar to Porter’s generic competitive strategies (20)
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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2. Introduction: The rationale behind studying competition Today, companies face their toughest competition ever. Companies use their understanding to design market offers to deliver more value than the offers of competitors seeking to win the same customers. Companies must also understand their competitors, identify and analyze their strategies to position themselves in such a way as to gain the greatest possible competitive advantage against competitors in the marketplace.
3.
4.
5. Examples of Companies That Use Cost Leadership Strategies Wal-Mart is famous for EDLP, achieved by developing close relationships with its suppliers and vendors to achieve cost savings through large volume purchases and pass these savings to the consumers. Dell Computers :achieved market share by keeping low inventories and only building computers to order, procurement advantages from preferential access to raw materials, or backward integration. Low-cost budget Irish based airlines Ryanair who despite having fewer planes than the major airlines, were able to achieve market share growth by offering cheap, no-frills services at prices much cheaper than those of the larger competitors.
9. Differentiation A company concentrates on differentiating the products in some way in order to compete successfully. appropriate where the target customer segment is not price-sensitive, the market is competitive , customers have very specific under-served needs and the firm has unique resources to satisfy these needs in ways that are difficult to copy. Includes patents or other Intellectual Property (IP), unique technical expertise, talented personnel or innovative processes. Successful brand management also results in perceived uniqueness even when the physical product is the same as competitors. Fashion brands rely heavily on this form of image differentiation.
10. Examples of differentiation Differentiation through Multiple sources: L&T, the engineering firm , recruits engineers with excellent qualification and claims superiority in executing projects. Coke and Pepsi differentiated through brand power. Revathrough an electric car Product Differentiation based on ingredients: HUL Close Up used glycerin instead of calcium carbonate and secured differentiation and Colgate compelled to copy the same
11. Product Differentiation through Additional features: Aristocrat suitcases with wheels , a unique convenience to user Product Differentiation by Packaging Harpic Toilet cleaner with an application friendly nozzle Hit for cockroach with sleek nozzle for hidden areas Product Differentiation by Design:Kinetic Honda with electronic ignition and do away with kick start routine , automatic gear shifting especially for women. Examples of differentiation
12. Market Segmentation / Focus The firm focuses its marketing effort on serving a defined, focused market segments with a narrow scope by tailoring its marketing mix to these specialized markets, it can better meet the needs of that target market. The firm typically looks to gain a competitive advantage through product innovation and/or brand marketing rather than efficiency. It is most suitable for relatively small firms but can be used by any company. A focused strategy should target market segments that are less vulnerable to substitutes or where a competition is weakest to earn above-average return on investment.
13. The focus strategy has two variants: (a) In cost focus, a firm seeks a cost advantage in its target segment, It exploits differences in cost behavior in some segments . For instance, Southwest Airlines, famous for its low cost focus follows basically a linear route structure. It only flies one type of airplane and it wants to stay in high-density markets and has been highly efficient. (b) Differentiation focus a firm seeks differentiation in its target segment. It exploits the special needs of buyers in certain segments. Ferrari , targets high performance sports car segment and due to differentiation based on design, high performance and grand prix records which allows it to charge a premium price. Market Segmentation / Focus
14. A company’s failure to make a choice between cost leadership and differentiation essentially implies that the company is stuck in the middle. There is no competitive advantage for a company that is stuck in the middle and the result is often poor financial performance . However, companies like Toyota and Benetton have adopted more than one generic strategy. Both these companies used the generic strategies of differentiation and low cost simultaneously, which led to the success of the companies. Stuck in the middle
15. Criticisms of Porter’s Generic Strategy Framework A business can employ a hybrid strategy without being struck in the middle. Nissan, for instance. Cost leadership does not sell products itself. Differentiation can be used to increase sales volume rather than charging a premium price. Price can sometimes be used to differentiate.
16. Criticisms of Porter’s Generic Strategy Framework The competence based strategy framework supersede the generic strategy framework. Despite these criticisms, porter’s model can constitute the basis of a useful framework for categorizing and understanding sources of competitive advantage.
17. Looking forward: The road ahead The popular post-Porter model was presented by W. Chan Kim and Renée Mauborgne in their 1999 Harvard Business Review article "Creating New Market Space“, described a "value innovation" model in which companies must look outside their present paradigms to find new value propositions. Their approach fundamentally goes against Porter's concept that a firm must focus either on cost leadership or on differentiation. The concept is popularly known as Blue Ocean Strategy.