{"id":1189,"date":"2020-06-01T16:58:39","date_gmt":"2020-06-01T16:58:39","guid":{"rendered":"https:\/\/mdsonline.co.in\/blogs\/?p=1189"},"modified":"2020-06-01T16:59:28","modified_gmt":"2020-06-01T16:59:28","slug":"cost-leadership-differentiation-focus-business-strategies","status":"publish","type":"post","link":"https:\/\/mdsonline.co.in\/blogs\/cost-leadership-differentiation-focus-business-strategies\/","title":{"rendered":"Cost Leadership, Differentiation, Focus"},"content":{"rendered":"

How critical are \u2018strategies\u2019 for a business? Well, it\u2019s just an understatement to say that strategies are critical to business success. You must have a proper strategy in place, if you want to stand tall amidst competition. Here, we will discuss different types of business level strategies put forward by Michael Porter, a highly regarded professor from the Harvard Business School.<\/p>\n

The types of business level strategies defined by Porter are as follows-<\/p>\n

Cost leadership<\/strong><\/p>\n

By employing a strategy based on cost leadership, a business can reduce its operating costs to below the industry-average. These savings can then be passed on to the customers. The business can introduce low-priced services or merchandise to gain an edge over competition, not compromising on their profit margin, at the same time.<\/p>\n

\"Business<\/a><\/p>\n

Businesses that employ this strategy successfully are those who are capable to invest heavily on technology and have efficiency in logistics. They also have access to low-cost labor and materials. This enables them to minimize operational costs and ensure better margins.<\/p>\n

Differentiation<\/strong><\/p>\n

Businesses that employ this strategy can gain a competitive advantage by offering unique service\/product features to their customers. Thus, they can justify higher pricing by adding better value to their offerings, as compared to the competition.\u00a0 As the customers invariably get a better experience or value, they do not mind paying a premium price. This will also help them to dig into the market shares of their competitors.<\/p>\n

Focus<\/strong><\/p>\n

Businesses that leverage this strategy employ differentiation or cost leadership in a niche or focussed market segment. But, before doing so, they understand the dynamics of the target market and assess the unique needs of the customers therein. They offer the customers a definite cost advantage by employing differentiation in their production and delivery system for the target market.<\/p>\n

You may also like to read this blog post about\u00a0 You Know the DOs of Social Media. Now Know About the DON\u2019Ts<\/a><\/p>\n

We encourage your comments on this post.<\/p>\n

Contact Us<\/strong>\u00a0(MDSonline<\/a>,\u00a0Mirania Data Systems<\/a>, Founded by\u00a0Navin Mirania<\/a>) for\u00a0virtual assistance services<\/a>,\u00a0virtual assisting<\/a>,\u00a0virtual assistance,<\/a> marketing strategy<\/span><\/a>, cost leadership<\/span><\/a>, business strategy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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How critical are \u2018strategies\u2019 for a business? Well, it\u2019s just an understatement to say that strategies are critical to business success. You must have a proper strategy in place, if you want to stand tall amidst competition. Here, we will discuss different types of business level strategies put forward by Michael Porter, a highly regarded  [ Read More ]<\/a><\/p>\n","protected":false},"author":1,"featured_media":1190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[135,138,1,40],"tags":[206,222,178],"class_list":["post-1189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-career","category-uncategorized","category-virtual-assistant","tag-business-strategy","tag-cost-leadership","tag-marketing-strategy"],"yoast_head":"\nBusiness strategies Business strategies Business MDSOnline Blogs<\/title>\n<meta name=\"description\" content=\"How critical are \u2018strategies\u2019 for a business? 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