- a product or service that an organization's customer place a greater value on than similar offerings from a competitor.
PORTER'S FIVE FORCES MODEL
- buyer power
high - when buyers have many choices of whom to buy
low - when their choices are few
- supplier power
high - when buyers have few choices of whom to buy
low - when their choices are many
- threat of substitute products or services
high - when there are many alternatives to a product or services
low - when there are few alternatives from which to choose
- threat of new entrants
high - when it is easy for new competitors to enter a market
low - -when there are significant entry barriers to entering a market
- rivalry among existing companies
high - when competitors is fierce in a market
low - when competition is more complacent
THREE GENERICS STRATEGIES
- cost leadership
- differentiation
- focused strategy
- buyer power
high - when buyers have many choices of whom to buy
low - when their choices are few - supplier power
high - when buyers have few choices of whom to buy
low - when their choices are many - threat of substitute products or services
high - when there are many alternatives to a product or services
low - when there are few alternatives from which to choose - threat of new entrants
high - when it is easy for new competitors to enter a market
low - -when there are significant entry barriers to entering a market - rivalry among existing companies
high - when competitors is fierce in a market
low - when competition is more complacent
THREE GENERICS STRATEGIES
- cost leadership
- differentiation
- focused strategy
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