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BUS 478 (20)
Chapter 5

Chapter 5: Building competitive advantage through business-level strategy

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Department
Business Administration
Course
BUS 478
Professor
Larry Wosk
Semester
Winter

Description
Chapter 5 Building competitive advantage through businesslevel strategy Overview How a company selects and peruses a business model that will allow it to compete effectively in an industry and grow its profits and profitability Competitive positioning and Business Model To create a successful business model business must optimize Competitive positioningCompetitive Positioning managers must choose a set of businesslevel strategies that work together to give a company a competitive advantage over its rivalsFormulating a Business model must first defineCustomer needs desires wants or cravings that can be satisfied by the means of the attribute of a productProduct Differentiation the process of designing products to satisfy consumers needs A company obtains a competitive advantage when it creates makes and sells a product in a way that better satisfies customer needs that its rivals Here is where the four business blocks of competitive advantage come to play superior innovation quality efficiency and consumer responsivenessFormulating a Business model must decide which kind of product to offer to which consumersConsumer Groups A set of people who share a similar need for a particular product To create a product a company must group customers according to the similarit
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