Summary
Contents
Subject index
Strategic Management is an accessible introduction to the subject that will help readers to extend their understanding of key concepts and enhance their thinking skills in line with course requirements. This book provides support on how to revise for exams and prepare for and write assessed pieces. Readers are encouraged not only to think like a professional strategist, but also to think about the subject area critically.
Competitive Advantage
Competitive Advantage
Generic Strategy and the Strategy Clock
Competitive advantage is a significant advantage over competitors which is achieved by offering the customer greater benefit through a lower price or added value.
There are a number of competitive strategy models which help to determine competitive advantage, and these include Porter's generic strategy (1985), Mintzberg and Quinn's generic strategy (1992) Miles and Snow's (1978) adaptive (competitive) strategies and Faulkner and Bowman's (1995) strategy clock. According to Porter's generic theory, competitive advantage is achieved through one of three strategies. They are called ‘generic’ as they can be applied to all product and service industries, both large and small. These strategies are:
- cost leadership
- differentiating the product
- combining either of the above with a focused or niche strategy.
The key features of the generic ...
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