TAILIEUCHUNG - Lecture Crafting and executing strategy (15/e): Chapter 5 - Arthur A. Thompson, A. J. Strickland III, John E. Gamble

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, . 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. : 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 .

• Quản trị kinh doanh
• Competitive advantage
• Lecture Crafting and executing strategy
• Crafting strategy
• Executing the strategy
• Company’s strategy
• Competitive strategies
• Competitive advantage
• The mediating effect of entrepreneurial marketing
• The relationship between environmental turbulence
• Dynamic capability with sustainable competitive advantage
• An empirical study in Indonesian MSMEs
• Sustainable competitive advantage
• SEM PLS developed a model showing
• The competitive advantage of small and medium sized enterprises
• The competitive advantage of smal
• Medium sized enterprises
• Fundamentals of marketing
• Lecture fundamentals of marketing
• Marketing mix
• Marketing task
• Marketing management
• Creating competitive advantage
• Strategic management
• Executing strategy
• Business models
• Management information systems
• Introduction to management information systems
• Business information technology
• Information systems
• Achieve competitive advantage
• Differential Advantage
• Identity ManagementStrategic Branding Decisions
• Destination Branding
• Advantage of the firms
• Capital or unskilled labour
• Human resource capital
• Role of human resources
• Five competitive strategies
• Low cost provider strategies
• Best cost provider strategies
• Company’s resources
• Competitive assets
• Principles of Marketing
• Lecture Principles of Marketing
• Marketing strategy
• Competitor analysis
• Market positioning
• Company’s competitive position
• Operations management
• Operations strategy
• Operations competitive dimensions
• Strategy design process
• Productivity measures
• Modern competitive strategy
• Competitive strategy
• Strategic planning
• Strategy execution
• Growth and innovation
• Strategy over time
• Company’s external environment
• Competitive forces
• Summary Doctoral thesis
• Enterprise knowledge management system
• Enhancing competitive advantage
• Small and medium enterprises
• Strategic alliances
• Acquisition strategies
• Vertical integration strategies
• Foreign markets
• Strategy options
• Profit sanctuaries
• Emerging industries
• High velocity markets
• Maturing industries
• Entering new businesses
• Strategic partnerships