The Five Generic Competitive Strategies
6 important questions on The Five Generic Competitive Strategies
A focused low-cost strategy
A focused differentiation strategy
A best-cost provider Strategy
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When differentiation strategy works best
- Buyers needs and uses of the product are diverse
- there are many ways to differentiate product or services that have value to buyers
- few rival firms are following a similar differentiation approach
- technological change is fast-paced and competition revolves around rapidly evolving product features
When focused low-cost or differentiation strategy works best
- Market niche is big enough to be profitable and offers good growth potential
- industry leaders have chosen not to compete in the niche
- it is costly or difficult for multisegment competitors to meet specialisation.
When best-cost provider strategy works best
- Works best in markets where products differentiation is the norm and an attractively large number of value-conscious buyers van be convinced
- the strategy needs to position itself in the middle of the market
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