Chapter 11, Problem 3TAI2

Summary Introduction

To Determine:

The strategy of company behind each good or service

Introduction:

Strategy: Strategy is an art of leader or top personals to make a plan to achieve the goals.

Michael Porter’s characteristics of an effective strategy: According to Michael Porter the strategic positioning is necessary to gain the competitive advantage by estimating the distinctive feature of the firm.

Michael Porter’s competitive strategies: Michael Porter’s competitive strategies are as follows:

1. Cost-Leadership or Low Cost Strategy: This strategy focuses on low cost and Price for market wide.
2. Differentiation Strategy: This strategy focuses on Introducing new and better product or services in the wide market.
3. Focus Strategy: This strategy focuses on a restricted product / cost.

Given Information:

The discussion requires us to list five products or services consumed by us within past 24 hours and the strategy of company employed behind each good or service.