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What is Business Level Strategy
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Goal directed actions managers take to achieve competitive advantage in a single product market
"How should we compete"
"How should we compete"
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Strategic Position
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Profile based on value creation and cost in a specific product market
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Strategic Trade-offs
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choices between a cost or value position
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Differentiation
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Seeks to create higher value vs. competitors
Offers unique features
Charges higher prices
Offers unique features
Charges higher prices
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Cost Leadership
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Seeks to create similar value vs. competitors
Charges lower prices
Charges lower prices
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Focused Business Strategies
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Focus on a narrower competitive scope
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Differentiation Strategy
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Unique features that increase value
Consumers pay a higher price
Consumers pay a higher price
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Economies of Scale
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Decreases in cost per unit
Achieved as output increases
Achieved as output increases
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Economies of Scope
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Producing two outputs at less cost
Share resources or technology
Share resources or technology
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3 Drivers that Increase Perceived Value
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Product features
Customer service
Complements
Customer service
Complements
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Cost Leadership Strategy
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Reduce cost below competitors
Offer adequate value
Reduce prices for customers
Optimize the value chain for low cost
Offer adequate value
Reduce prices for customers
Optimize the value chain for low cost
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Cost Drivers that Keep Costs Low
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Cost of input factors
Economies of scales
Learning curve effects
Experience curve effects
Economies of scales
Learning curve effects
Experience curve effects
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What makes a successful business strategy?
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Leverages the firms strengths
Mitigates firm weaknesses
Helps the firm exploit external opportunities and avoid external threats
Mitigates firm weaknesses
Helps the firm exploit external opportunities and avoid external threats
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Blue Ocean Strategy
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Differentiation and cost leadership activities
Use value innovation to reconcile trade-offs
Use value innovation to reconcile trade-offs
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Blue Ocean represents:
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-Untapped market space
-Creation of additional demand
-Opportunities for highly profitable growth
-Creation of additional demand
-Opportunities for highly profitable growth
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To achieve successful value innovation:
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Lower costs: Eliminate or Reduce
Increase perceived consumer benefits: Raise or Create
Increase perceived consumer benefits: Raise or Create
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The Strategy Canvas
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Graphical depiction of a company's performance relative to its competitors
Provides insights into strategy
Provides insights into strategy
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