Problem:
The five generic strategies were formulated by Michael Porter in 1980. His book "Competitive Strategy" is widely seen as the founding publication of business strategy. Most of what we treat as having significance in the field can be traced to one of Porter's publications.
Reflect on our experiences with these generic strategies. Think about how they are applied in our businesses. In particular I'd like to discuss successes and failures. What worked well and what didn't? What were the circumstances surrounding these experiences? Our goal is to develop some sense of the conditions under which each of the generic strategies might be successful or would likely fail.
Generic Strategies:
The five generic strategies were formulated by Michael Porter in 1980. His book "Competitive Strategy" is widely seen as the founding publication of business strategy. Most of what we treat as having significance in the field can be traced to one of Porter's publications.
Reflect on our experiences with these generic strategies. Think about how they are applied in our businesses. In particular I'd like to discuss successes and failures. What worked well and what didn't? What were the circumstances surrounding these experiences? Our goal is to develop some sense of the conditions under which each of the generic strategies might be successful or would likely fail.
You will address the strategies in two separate discussions. Be sure to address each of the separate strategies listed:
Strategy 1: Best-Cost Provider
Definition: Giving customers more value for their money by incorporating good-to-excellent product attributes at a lower cost than rivals; the target is to have the lowest (best) costs and prices compared to rivals offering products with comparable attributes.
Strategy 2: Focused Differentiation Strategy
Definition: Concentrating on a narrow buyer segment and outcompeting rivals by offering niche members customized attributes that meet their tastes and requirements better than rivals' products.