Week 5 & 6

Week 5 & 6

1. Porters generic series

   • Competitive stratergy
     • How a business achieves competitive advantage in its industry
   • Competitive advantage
     • How a company makes its results better than that of competitors. 

2. Focus strategy

   • Focuses on a clearly defined niche of customers and identifies their needs.

3. Price based strategy

   • No frills strategy where low price means low quality/percieved value to customers. Buyers have high power.

4. Hybrid strategy

   • seeks to differentiate product/service and offer lower price than competitors.

5. Differentiation strategy

   • To create a higher perceived value of product/service so can justify higher price. Often will have to choose between expansion and targeting of smaller market.

6. Stratergy lock in

   • When locked into one supplier due to high switching costs. e.g windows and its opperating system, cheap razors with only one type of blade can be used.

7. Interactive strategy

   • Strategy changes based on how competitors are performing and their current strategy. Constantly changing.

8. Strategic drift

   • Strategies that tend to develop based on historical and cultral trends
   • Strategic flux
     • Stratergy changes but with no clear direction, conflict within firm, drop in performance and customer service

9. Organisational culture

   • How a firm is percieved. Functions staff attitudes affected by structure, layers of culture, Values, beliefs, behaviours, paradigm.
   • Linked to stratergy
     • Can be a glue if widely accepted, can encourage or hinder innovation
   • Formal vs Informal
   • Optimal when?
     • 1. Match culture and strategy 2. Focus on a few critical behaviour shifts 3. Honour the strengths of your existing culture 4. Intergrate formal and informal interventions 5. Measure and monitor cultral evolution.

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