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Essay / Research Paper Abstract
A 6 page paper. Porter's competitive advantage strategies and his 5 Forces analysis are reported and discussed. The criticisms against his generic strategies are reported and discussed. the writer reports some alternatives offered in the literature as well as a way to reformulate Porter's generic strategies to update them for today's competitive market. Biography lists 14 sources.
Page Count:
6 pages (~225 words per page)
File: ME12_PGprgnr9.rtf
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Unformatted sample text from the term paper:
"Competitive Advantage" and the second were referred to a Porters 5 Force Analysis. The competitive advantage strategies were identified as cost leadership, differentiation and focus. The cost leadership strategy
means that the company is the low cost producer in the market, which in turn means it costs the company less to make the same product that it costs the
companys rivals (Allen et al. 2007; Quick MBA, 2007; Obasi et al. 2006). Using cost leadership, the company may sell the product at the average industry price for greater profit
or at a lower price to gain market share (Ormanidhi & Stringa 2008; Allen et al. 2007; Quick MBA, 2007; Obasi et al. 2006). Cost advantage can be gained by
becoming more efficient and even by outsourcing (Quick MBA, 2007). Using the differentiation strategy, companies set themselves apart from the crowd by differentiating their products with unique attributes or by
adding value (Quick MBA, 2007; Obasi et al. 2006). The focus strategy is about selecting a niche market and developing products those consumers need and want (Quick MBA, 2007). A
niche market could be teenagers, the older population, etc. Porters Industry Forces strategy analyzes the industry, the industrys profitability and the companys position in that industry. The industry forces
Porter identified are: entry barriers, buyer power, supplier power, threat of substitutes, and competitor rivalry (Quick MBA, 2007). Three of these forces are horizontal competition, treat of substitutes, threat of
rivals, and treat of new entrants, and two are vertical, bargaining power of buyers, bargaining power of suppliers (Business Encyclopedia 2003). As an example, in the automotive industry, there are
significant entry barriers because it requires massive capital to start an auto company. The rivalry in this industry is fierce and it is global. There is a minimal threat of
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