The Strategist's Toolkit by Jared Harris & Michael Lenox

Author:Jared Harris & Michael Lenox [Harris, Jared]
Language: eng
Format: mobi
Published: 2013-07-08T14:00:00+00:00

Figure 8-1. Generic strategies.

In general, there are two types of competitive advantage a firm can pursue: low cost or uniqueness. Using a low-cost strategy, a firm simply tries to have lower costs than the marginal producer in the industry. The marginal producer is the firm that is just viable in the marketplace—generating revenues at roughly its opportunity cost. With the uniqueness strategy, a firm tries to persuade customers to pay more. A uniqueness strategy usually entails offering products of higher quality or with more features than other products in the marketplace.

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