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THE FIVE GENERIC
COMPETITIVE STRATEGIES
Low-Cost Striving to achieve lower overall costs than rivals on
Provider products that attract a broad spectrum of buyers.
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FIGURE 5.1 The Five Generic Competitive Strategies
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LOW-COST PROVIDER STRATEGIES
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CORE CONCEPT
♦ A low-cost provider’s basis for competitive
advantage is lower overall costs than competitors.
Successful low-cost leaders, who have the
lowest industry costs, are exceptionally good at
finding ways to drive costs out of their businesses
and still provide a product or service that buyers
find acceptable.
♦ A cost driver is a factor that has
a strong influence on a firm’s costs.
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MAJOR AVENUES FOR ACHIEVING
A COST ADVANTAGE
Low-Cost Advantage
● A firm’s cumulative costs across its overall value
chain must be lower than competitors’ cumulative
costs.
How to Gain a Low-cost Advantage:
1. Perform value chain activities more cost-effectively
than rivals.
2. Revamp the firm’s overall value chain to eliminate or
bypass cost-producing activities.
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COST-EFFICIENT MANAGEMENT
OF VALUE CHAIN ACTIVITIES
Cost Driver
● Is a factor with a strong influence on a firm’s costs.
● Can be asset- or activity-based.
Securing a Cost Advantage:
● Use lower-cost inputs and hold minimal assets
● Offer only “essential” product features or services
● Offer only limited product lines
● Use low-cost distribution channels
● Use the most economical delivery methods
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FIGURE 5.2 Cost Drivers: The Keys to Driving Down Company Costs
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COST-CUTTING METHODS
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REVAMPING THE VALUE CHAIN
SYSTEM TO LOWER COSTS
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THE KEYS TO BEING A SUCCESSFUL
LOW-COST PROVIDER
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WHEN A LOW-COST PROVIDER
STRATEGY WORKS BEST
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PITFALLS TO AVOID IN PURSUING
A LOW-COST PROVIDER STRATEGY
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BROAD DIFFERENTIATION STRATEGIES
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COST-EFFICIENT MANAGEMENT
OF VALUE CHAIN ACTIVITIES
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FIGURE 5.3 Uniqueness Drivers: The Keys to Creating a Differentiation Advantage
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ENHANCING DIFFERENTIATION BASED
ON UNIQUENESS DRIVERS
Striving to create superior product features, design, and
performance.
Improving customer service or adding additional services.
Pursuing production R&D activities.
Striving for innovation and technological advances.
Pursuing continuous quality improvement.
Increasing emphasis on marketing and brand-building activities.
Seeking out high-quality inputs.
Emphasizing human resource management activities that improve
the skills, expertise, and knowledge of company personnel.
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REVAMPING THE VALUE CHAIN
SYSTEM TO INCREASE
DIFFERENTIATION
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Delivering Superior Value via a
Broad Differentiation Strategy
Broad Differentiation:
Offering Customers Something That Rivals Cannot
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STRATEGIC MANAGEMENT PRINCIPLE
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SUCCESSFUL APPROACHES
TO SUSTAINABLE DIFFERENTIATION
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WHEN A DIFFERENTIATION
STRATEGY WORKS BEST
Market Circumstances
Favoring Differentiation
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PITFALLS TO AVOID IN PURSUING
A DIFFERENTIATION STRATEGY
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FOCUSED (OR MARKET NICHE)
STRATEGIES
Focused Strategy
Approaches
Focused Focused
Low-Cost Market Niche
Strategy Strategy
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WHEN A FOCUSED LOW-COST OR
FOCUSED DIFFERENTIATION
STRATEGY IS ATTRACTIVE
The target market niche is big enough to be profitable
and offers good growth potential.
Industry leaders chose not to compete in the niche—
focusers avoid competing against strong competitors
It is costly or difficult for multi-segment competitors to
meet the specialized needs of niche buyers.
The industry has many different niches and segments.
Rivals have little or no interest in the target segment.
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THE RISKS OF A FOCUSED LOW-COST OR
FOCUSED DIFFERENTIATION STRATEGY
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BEST-COST PROVIDER
STRATEGIES
Best-Cost Provider
Hybrid Approach
Value-Conscious Buyer
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CORE CONCEPT
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WHEN A BEST-COST PROVIDER
STRATEGY WORKS BEST
Best-Cost
Low-Cost High-End
Provider
Providers Differentiators
Strategy
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THE CONTRASTING FEATURES OF
THE FIVE GENERIC COMPETITIVE
STRATEGIES: A SUMMARY
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TABLE 5.1 Distinguishing Features of the Five Generic Competitive Strategies
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TABLE 5.1 Distinguishing Features of the Five Generic Competitive Strategies (cont’d)
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