Strategies for businesses
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1. List the components of Porter's Competitive Strategy and provide a brief description of each component.
2. Provide a brief overview and an example of each of these strategies: growth strategies, stability strategies, and retrenchment strategies. Provide a brief overview and an example of each of these strategies.
3. Provide a brief description (definition) of these five sections and why they are important: Research and development, operations, logistics, human resource management, and information systems and technology.
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Solution Summary
Based on the questions, this solution provides descriptions of different strategies and value of company departments.
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1. List the components of Porter's Competitive Strategy and provide a brief description of each component.
Cost leadership: Cost leadership can be accomplished in two ways, lowering costs while keeping pricing steady and average and increasing the company's market share through charging lower prices. A company that can maintain an average cost per unit while reducing the cost of production or performing a service is going to increase profits. Cost reductions can come from streamlining systems and operations, limiting staff hours or hiring practices, or gaining resources at lower prices. All of these increase profits.
The same is true when a company lowers the price to gain more attention and sales within the market. A long standing example is Walmart, who lowers prices and has a massive amount of customers and market share.
Differentiation: Differentiation is what makes your product or service better or more attractive to consumers than others in the market. Innovation, high quality, better marketing, all are ways to differentiate your product. There are dozens of laundry detergents on the market, but only Arm and Hammer has baking soda (a known cleaner and freshener) as the major focus of their product.
Focus: This can be on costs or differentiation, but most often is based on finding a niche market and developing strategies to succeed in that market. A company can find a ...
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