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Three strategies for achieving competitive advantage

Michael Porter classifies competitive strategies as cost leadership, differentiation, or focus $($market segmentation$).$

Key points

There are three main strategies to attain a competitive advantage: cost leadership, differentiation, and focus $($or market segmentation$).$

Cost leadership means that an organization seeks to be a lower$-$cost producer. Margins may be small $($price war$)$ thus profit is achieved through larger volumes. Quality shall be comparable to what other competitors

offer.

Differentiation is creating a unique service or product offering that is unique in the marketplace. This strategy aims at offering something difficult to copy and for which customers are willing to pay a premium.

Market segmentation strategy is narrower in scope than differentiation. An organization that chooses focus limits its scope to a segment of the market and a specific group of customers.

References

Textbook $-$ pages $22-24,$ Ch$.1$

For business reports of companies' competitive environments $($available through NSU library$)$:

ProQuest $-$ Business Market Research Collection

EBSCOHost $-$ Marketline $($company profiles$)$

Application

Format: To submit this assignment, please populate this template $$ of Porter's Strategies Framework.

Learning Goal: To contextualize Porter's Framework to a competitive environment that you are familiar with.

Instructions:

A$.$ Think about the industry in which you or your employer compete. If you are unemployed, choose any industry that you are familiar with.

B$.$ Choose two companies $($in addition to your own$)$ that compete within the same competitive $($SECOND PHOTO UPLOADED$)$ template. Their positions will reflect the Please use this format for this question$|$ strategy that you believe each company is pursuing: differentiation, cost leadership, focus.

D$.$ Add a short description $(1-2$ sentences$)$ to justify the rationale behind your choices.