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THE FIVE
GENERIC
COMPETITIVE
STRATEGIES/
SUPPLEMENTING
THE CHOSEN
COMPETITIVE
STRATEGY—
OTHER IMPORTANT
STRATEGY
CHOICES
McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
COMPETITIVE STRATEGIES
AND MARKET POSITIONING
Competitive Strategy
Deals exclusively with management’s game
plan for competing successfully and securing
a competitive advantage over rivals
Represents the firm’s specific efforts to provide
superior value to customers by offering:
An equally good product at a lower price
A superior product with unique features perceived
as worth paying more for
An attractive overall mix of price, features, quality,
service, and other appealing attributes
5-2
FIGURE 5.1 The Five Generic Competitive Strategies
5-3
The Five Generic Competitive Strategies
Low-cost Striving to achieve lower overall costs than rivals and appealing to a
provider broad spectrum of customers, usually by underpricing rivals
5-4
Core Concept
5-5
The Two Major Avenues for Achieving
Low-Cost Leadership
5-6
Revamping the Value Chain
Reengineering the
firm’s value chain
5-7
Core Concept
5-8
Benefits of Successful Differentiation
Successful execution of a
differentiation strategy
allows a firm to:
5-9
Delivering Superior Value via
a Differentiation Strategy
5-10
Managing the Value Chain in Ways
That Enhance Differentiation
Activities
Product Distribution and
R&D
that Enhance shipping activities
Differentiation
5-11
Focused (or Market Niche) Strategies
5-12
A Focused Low-Cost Strategy
5-13
Focused Differentiation Strategy
5-14
Core Concept
5-15
Successful Competitive Strategies
Are Resource Based
Low-Cost Providers
Must have the resources and capabilities to keep
costs below those of competitors
Must have expertise to cost-effectively manage value
chain activities better than rivals
Differentiators
Must have the resources and capabilities to
incorporate unique attributes that a broad range of
buyers will find appealing and worth paying for
5-16
Successful Competitive Strategies
Are Resource Based (cont’d)
5-17
Perils of a “Stuck in the Middle” Strategy
5-18
Launching Strategic Offensives to
Improve a Company’s Market Position
Principal
Offer an equal or better Offensive Attack profitable market
product at a lower price Strategy segments of key rivals
Options
Pursue continuous Capture unoccupied or
product innovation less contested markets
5-20
Principal Offensive Strategy Options
Attacking the competitive weaknesses of rivals
Offering an equally good or better product at a
lower price
Pursuing continuous product innovation
Leapfrogging competitors by being the first to
market with next generation technology or products
Adopting and improving on the good ideas of other
companies (rivals or otherwise)
Deliberately attacking those market segments
where a key rival makes big profits
Maneuvering around competitors to capture
unoccupied or less contested market territory
5-21
Principal Offensive Strategy Options (cont’d)
5-22
Blue Ocean Strategy—
A Special Kind of Offensive
5-23
Core Concept
5-24
Using Defensive Strategies to Protect
a Company’s Market Position and
Competitive Advantage
Defensivestrategies help fortify a
competitive position by:
Lowering the risk of being attacked.
Weakening the impact of any attack that occurs.
Influencing challengers to redirect their competitive
efforts toward other rivals.
Good defensive strategies help protect
competitive advantage but rarely are the
basis for creating it.
6-25
Blocking the Avenues
Open to Challengers
5-26
Blocking the Avenues
Open to Challengers
Introduce new features
Add new models
Broaden product line to fill vacant niches
Maintain economy-priced models
Make early announcements about upcoming new
products or planned price changes
Grant volume discounts or better financing terms to
dealers and distributors to discourage them from
experimenting with other suppliers
5-27
Vertical Integration: Operating Across
More Industry Value Chain Segments
5-28
Core Concept
5-29
Core Concept
5-30
Outsourcing Strategies:
Narrowing the Scope of Operations
Outsourcing an activity is a consideration when:
It can be performed better or more cheaply by outside specialists.
5-31
Core Concept
5-32
Core Concept
5-33
Reasons for Firms to Enter
into Strategic Alliances
Expedite development
Improve supply chain
of new technologies
efficiency
or products
5-34
Merger and Acquisition Strategies
5-35