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Chapter 5 - The five generic competitive strategies: Which one to employ? This chapter includes contents: The five competitive strategies, low-cost provider strategies, broad differentiation strategies, best-cost provider strategies, focused (or market niche) strategies, the contrasting features of the five generic competitive strategies: a summary. | The Five Generic Competitive Strategies Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University-Florida Region Strategy and Competitive Advantage Competitive advantage exists when a firm’s strategy gives it an edge in Attracting customers and Defending against competitive forces Convince customers firm’s product / service offers superior value A good product at a low price A superior product worth paying more for A best-value product Key to Gaining a Competitive Advantage Fig. 5.1: The Five Generic Competitive Strategies Low-Cost Provider Strategies Make achievement of meaningful lower costs than rivals the theme of firm’s strategy Include features and services in product offering that buyers consider essential Find approaches to achieve a cost advantage in ways difficult for rivals to copy or match Keys to Success Low-cost leadership means low overall costs, not just low manufacturing or production costs! Approaches to Securing a Cost Advantage Do a better job than rivals of performing value chain activities efficiently and cost effectively Revamp value chain to bypass cost-producing activities that add little value from the buyer’s perspective Approach 1 Approach 2 Control costs! By-pass costs! Keys to Success in Achieving Low-Cost Leadership Scrutinize each cost-creating activity, identifying cost drivers Use knowledge about cost drivers to manage costs of each activity down year after year Find ways to restructure value chain to eliminate nonessential work steps and low-value activities Work diligently to create cost-conscious corporate cultures Feature broad employee participation in continuous cost-improvement efforts and limited perks for executives Strive to operate with exceptionally small corporate staffs Aggressively pursue investments in resources and capabilities that promise to drive costs out of the business Cost conscious corporate culture Employee participation in cost-control efforts Ongoing efforts to benchmark costs Intensive . | The Five Generic Competitive Strategies Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University-Florida Region Strategy and Competitive Advantage Competitive advantage exists when a firm’s strategy gives it an edge in Attracting customers and Defending against competitive forces Convince customers firm’s product / service offers superior value A good product at a low price A superior product worth paying more for A best-value product Key to Gaining a Competitive Advantage Fig. 5.1: The Five Generic Competitive Strategies Low-Cost Provider Strategies Make achievement of meaningful lower costs than rivals the theme of firm’s strategy Include features and services in product offering that buyers consider essential Find approaches to achieve a cost advantage in ways difficult for rivals to copy or match Keys to Success Low-cost leadership means low overall costs, not just low manufacturing or production costs! Approaches to Securing a Cost Advantage Do a better job than .
