Assignment requirements: 1. Create a meme for each of the five strategies. The strategy is clearly stated on the meme. 2. Each meme clearly communicates what that strategy does. 3. Meme is original content-not copied from the Internet. 4.3-5 sentences explaining why you think your meme clearly explains the function of management. 5. Memes and sentences should be submitted in a word document by the assignment due date, 6. See the rubric for grading criteria. Meme resources: If you don't already have resources, here are some resources to help you make memes. These are FREE sources. Do not pay for anything! https://www.techsmith.com/blog/how-to-make-a-meme/e https://www.wired.com/story/6-easy-ways-make-memes/d https://www.adobe.com/express/create/meme https://www.canva.com/create/memes/e. https://imgflip.com/memegeneratore The Five Generic Competitive Strategies LO5-1 Understand what distinguishes each of the five generic strategies and why some of these strategies work better in certain kinds of Industry and competitive conditions than in others. A company's competitive strategy, deals exclusively with the specifice of management game plan for competing successfully-its specific efforts to please customers, strengthen its market position, counter the maneuvers of rivals, respond to shifting market conditions, and achieve a particular competitive advantage. The chances are remote that any two companies--even companies in the same industry-will employ competitive strategies that are exactly alike. However, when one strips away the details to get at the real substance, the two biggest factors that distinguish one competitive strategy from another boil down to (1) whether a company's market target is broad or narrow, and (2) whether the company is pursuing a competitive advantage linked to lower costs or differentiation. These two factors give rise to the five competitive strategy options shown below and in Figure 5.11 FIGURE 51 The Five Generic Competitive Strategies Presence in a Broad Range of Market Segments Market Coverage Overall Broad Low Cost Differentiation Provider Strategy Strategy Best-Cost Provider Strategy Presence in a Limited Number of Market Segments Focused Low-Cost Focused Differentiation Strategy Strategy Value Creation Keyed Value Creation Keyed to to Lower Cost Differentiating Features Type of Competitive Advantage Pursued Surse. This is the rise of the late in Michel Porter, York TP, 1930), 35-40 CORE CONCEPT A competitive strate concerns the specifics of management's game plan for competing successfully and securing a competitive advantage over rivals in the marketplace 1. A low-cost provider strategy-striving to achieve lower overall costs than rivals and appealing to a broad spectrum of customers, usually by underpricing rivals 2. A broad differentiation strategy-seeking to differentiate the company's product or service from rivals in ways that will appeal to a broad spectrum of buyers 3. A focused low-cost strategy-concentrating on a narrow buyer segment for market niche) and outcompeting rivals by having lower costs than rivals and thus being able to serve niche members at a lower price 4. A focused differentiation strategy-concentrating on a narrow buyer segment (or market niche) and outcompeting rivals by offering niche members customized attributes that meet their tastes and requirements better than rivals products 5. A best-cost provider strategy-giving customers more value for the money by satisfying buyers' expectations on key quality/features/performance/service attributes while beating their price expectations. This option is a hybrid strategy that blends elements of low-cost provider and differentiation strategies the aim is to have the lowest (best) costs and prices among sellers offering products with comparable differentiating attributes. The remainder of this chapter explores the ins and outs of the five generic competitive strategies and how they differ. Page 90