Competitive Strategies

Question 1

What are the Five Competitive Strategies

Answer 1

1. Overall-Low Cost Provider Strategy
2. Broad Differentiation Strategy
3. Focused Low-Cost Strategy
4. Focused Differentiation Strategy
5. Best-Cost Provider Strategy

Question 2

What are the Types of competitive advantage being pursued and the Target Markets

Answer 2

Low Cost or Differentiation
and
A broad Cross-Section of Buyers or A narrow Buyer Segment (Market Niche)

Question 3

When does a differentiation Strategy Work Best?

Answer 3

When Buyers needs and uses are divers, few rivals are following a similar differentiation approach, and Technological change and product innovation are fast Paced

Question 4

How do you Sustaining Differentiation?

Answer 4

Through New product innovation, technical superiority, Comprehensive customer Service, Unique product attributes, and product quality

Question 5

What are the 8 Dimensions of Product Quality

Answer 5

Durability
Aesthetics
Serviceability
Performance

Quality
Features
Reliability
Conformance

Question 6

How to Secure a Cost Advantage

Answer 6

Do a better Job than rivals of performing value chain activities efficiently

eliminate cost-producing activities that add little value from the buyer’s perspective

Question 6

When do low-cost strategy work best?

Answer 6

Product is standardized or readily available from many suppliers

Question 7

What approaches define a niche market

Answer 7

• Geographic uniqueness
• Specialized requirements in using products/services
• special product attributes appealing only to niche buyers