The differentiation approach often will enable a business to c__ a premium price for its products.
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.
Porter’s key approaches to strategic management can be used to help implement b__ c__ that will result in a business gaining one of two competitive advantages.
A p__ of differentiation is a unique feature of a business’ product that distinguishes it from competitors’ substitute products in a way that is valued by customers (ie, a product’s unique selling point).
The d__ approach involves a business gaining a competitive advantage by making its products (ie, its goods and/or services) unique from its competitors’ substitute products in a way that is valued by its customers.
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.
A ‘p__ p__’ is a sales price that is higher than the industry average for a particular product.
One way a business can create a point of differentiation is to ensure that the q__ of its products is higher than that of its competitors’ products.
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.
A good or service’s s__ is an alternative good / service that can be used to achieve the same purpose.
One way a business can create a point of differentiation is by developing a product with unique features that __ competitor provides currently.
According to Porter, if a business tries to simultaneously use both approaches to strategic management, the business will be unable to gain either type of competitive advantage. This is the case because the way in which a business needs to use its r__ to gain a cost advantage directly conflicts with how a business needs to use its resources to gain a differentiation advantage.
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.