MGT 415 Top Exam Review. Questions and answers, Rated A

MGT 415 Top Exam Review. Questions and answers, Rated A Key factors distinguishing strategy - - is market target broad or narrow? - is competitive advantage pursued for low cost, or product differentiation Five Generic Competitive strategies - - Low cost provider - Broad differentiation - Focused Low-cost - Focused differentiation - Best cost provider Low cost provider - achieve lower overall costs than rivals on products that attract wide range of buyers Broad Differentiation - differentiating the firm's product from rival's Focused Low-cost - targeting a narrow market with high price sensitivity. Find a way to be the low cost provider Focused differentiation - think niche exlusive market Best-cost provider - giving customers more value for the money by offering better products at the same price as rivals Strategic offensive principles - - Competitive advantage then sustain the advantage - make it hard for rivals - element of surprise - overwhelm and overpower