If the point of differentiation in a business’ product is such that, for the business to make a net profit, the product’s s__ p__ needs to be significantly higher than the competitors’ substitute products, the business is unlikely to be an above-average performer.
The lower cost approach tends to be the most v__ in industries in which a large number of price-sensitive customers are present.
By definition, a costs leader has the lowest costs in its industry. As a result, to become a costs leader, a business must r__ its costs.
According to Porter, more than one business can achieve differentiation in an industry at a specific point in time, if a number of unique features are v__ by customers.
P__ differentiation involves a business using factors – such as brand names, delivery methods and advertising – to establish a point of differentiation between substitute products.
According to Porter, being a cost leader only will result in a business becoming an above-average performer in its industry if its sales price is at or near the i__ a__.
C__ are rival businesses that sell similar goods and/or services in the same market.
A c__ a__ is the attributes and/or conditions that place a business in a superior position than its competitors.
P__-s__ customers purchase products primarily based on which ones have the lowest sales price.
One way a business can create a point of differentiation is by developing a product with unique features that __ competitor provides currently.
One way a business can create a point of differentiation is by providing a greater r__ of products in the same market than the business’ competitors.
The l__ c__ approach involves a business gaining a competitive advantage by becoming a cost leader, the business with the smallest amount of expenses (ie, the lowest costs) in its industry.
Porter's Generic Strategies and Porter's key approaches to strategic management are s__.