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Chapter 6
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Differentiation and cost leadership
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Goal-directed actions to achieve competitive advantage in a single product market
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Business level strategy; asks "how?"
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Competitive advantage is determined jointly by
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Industry and firm effects
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A valuable and unique position... (3)
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Meets customer needs
Maximizes product value
Lowest possible cost
Maximizes product value
Lowest possible cost
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A trade-off is a choice between... (2)
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Cost and value position
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A tradeoff's purpose is to. maximize... (2)
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Economic value creation
Profit margin
Profit margin
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3 business strategies
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Differentiation (higher value/price)
Cost Leadership (lower prices)
Focused (narrower, niche scope)
Cost Leadership (lower prices)
Focused (narrower, niche scope)
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Competitive advantage is achieved when the...
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gap between value and cost is greater than competitors
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Scale
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Decreases in cost per unit, achieved as output increases
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Scope
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Savings that come from producing two outputs at less cost; shares the same resources and technology
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