BUSI 4701U Chapter Notes - Chapter 5: Product Differentiation, Target Market, Supply Chain
Document Summary
Superior value offering a good product at a lower price. Worth paying more for a best-value offering attractive combination of price, features, quality, service and other appealing attributes. Competitive strategy the specifics of management"s game for competing successfully and securing a competitive advantage over rivals: to please customers, offensive/defensive moves to counter rivals, response to market conditions and approach to securing a competitive advantage. Industry positioning and competitive advantage in the marketplace involve choosing: a market target that is either broad or narrow, whether the company should pursue a competitive advantage linked to low costs or product differentiation. Striving to achieve lower overall costs than rivals and appealing to a broad spectrum of customers, usually by underpricing rivals. To use the lower-cost edge to underprice competitive s and attract price sensitive buyers or maintain the present price and be content with the present market shares s.
