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Chapter 5

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Administrative Studies
ADMS 4570
Lois King

Chapter 5Business strategythere are two dominant schools positioning school and resourcebased schoolpositioning school obusiness strategy and corresponding role of managers are to identify and strive to occupy the most attractive competitive positions in the marketplaceoit is an outsidein perspective that emphasizes the importance of external analysis and alignment of the firms activities in order to pursue a desirable position against external forcesoMichael Porter uses this strategyfocuses on target market and type of competitive advantage resourcebased schooloit starts with the resources within the firm the uniqueness of them and it views the choices for exploitation of those resources as the firms strategyoit is an inside out perspective both perspectives provide invaluable insights for managersshould use both but we will use the outside in perspective with a twistidentify attractive competitive positions but also emphasize how internal resource bundles and activities are utilized to achieve sustainable competitive advantageMichael Porter and competitive advantage and sustainabilityHe had three generic strategiesooverall cost leadership low cost position relative to firms peersa firm must manage the relationships throughout the entire value chain and be devoted to lowering costs throughout the entire chainodifferentiation create products or services that are unique and valued in the eyes of the customersemphasis is on attributes for which customers will be willing to pay a premium ofocus strategy direct is attention or focus to narrow product lines buyer segments or targeted geographic marketsthe firm must attain advantages either through differentiation or cost leadershipit is just narrowCompetitive AdvantageUniqueness perceivedlow cost positionStrategic target Industry wideDifferentiationLow cost leadershipNarrowDifferentiation focusLow cost focusfirms that have more than one forms of competitive advantage will outperform those that do notfirms that do not have competitive advantage are stuck in the middle and dont perform wellfirms that operate with one type of competitive advantage always need to be at least similar to their competitors or need to be betterthey always need to improve to stay ahead Overall cost leadershipThere is a need foraggressive construction of efficientscale facilities
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