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Describe in detail the five (5) most dependable strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage
1 – A low-cost provider strategy
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Question & Answer: Describe in detail the five (5) most dependable strategic approaches for setting a company…..
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2 – A broad differentiation strategy
3 – A focused low-cost strategy
4 – A focused differentiation strategy
5 – A best-cost provider strategy
Expert Answer
Answer
- Low cost provider strategy: in this strategy the company provides overall low cost for its products or services, by doing this they manage to attract a broad spectrum of customers. This strategy works well when the products or services are almost identical to that of the competitors, the customers are price sensitive and look for lowest price of a product and when the customer switching costs are generally low.
- Broad differentiation strategy : In this strategy the company differentiate its products or services from the rival’s that can target broad spectrum of buyers. The company tries to maintain a competitive edge by adding such attributes and features to the products which make them unique.
- Best cost provider strategy: In this strategy the focus is to maintain the competitive edge by giving the customers more value for the money. The company matches the rivals in terms of features ,quality and performance while keeping the cost lower than them.
- Focused low cost strategy : This strategy tries to target a narrow segment of buyers by providing a cost which is lower than what the rivals are offering.
- Focused differentiated strategy : This strategy focuses on the narrow segment of buyers by offering them customised products and service better than the rivals.
