Now, in this entry, I would write about 5 generic strategies.
A successful cost leadership strategy usually permeates the entire firms as evidence by high efficiency, low overhead, limited perks, intolerance of waste, intensive screening of budget request.
Differentiation involves making our products or services different from and more attractive those of our competitors. To make a success of a differentiation strategy, organizations need:
- Good research, development and innovation.
- The ability to deliver high-quality products or services.
- Effective sales and marketing, so that the market understands the benefits offered by the differentiated offerings.
Companies that use Focus strategies concentrate on particular niche markets and, by understanding the dynamics of that market and the unique needs of customers within it, develop uniquely low cost or well-specified products for the market. Because they serve customers in their market uniquely well, they tend to build strong brand loyalty amongst their customers.
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