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Essay / Research Paper Abstract
This 4-page paper discusses standard business models and generic strategies. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTmodelbus.doc
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Unformatted sample text from the term paper:
term "business model," and youll come up with a variety of different "how-to" scenarios. The business model in this case, however, involves customers. Two types of business models in this
regard would involve 1) What customer needs are to be satisfied and 2) What competitive advantage a company has to better satisfy customer needs, relative to the competition.
Regarding the first issue, Hill and Jones (2010) point out that the model in question would involve customer segmentation, which is defined as customers
who are grouped into different categories, based on needs/preferences differentiation. In the example below, well be comparing eBay and Google - if we use the segmentation model, we understand that
the needs of eBay customers would be to find good deals on various products, whereas the needs of the Google customer would be similar, but the Google customer is more
interested in obtaining more information. The Google model offers the customer the opportunity to obtain more information, while the eBay model is short on information, while emphasizing customer savings (through
the "pure-market" form of the auction). Now lets move onto the second part of the business model, which involves the actual competitive advantage.
Hill and Jones point out that strategies need to determine how to differentiate and price a product, as well as to segment the market. Harvard University professor Michael E. Porter
takes this a couple of steps further through his generic strategy theory. Porter points out that the three generic strategies involve cost leadership, differentiation and focus (Porters Generic Strategies, 2010).
The cost leadership strategy focuses on pricing strategies, whereas differentiation offers a unique, difficult-to-replicate product or service. Finally, the focus strategy involves targeting a narrow niche, or market. These are
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