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Porter's Generic Strategies

Porter's generic strategies of low-cost and differentiation are introduced and explained in this essential video for business students. #alevelbusiness #businessrevision #aqabusiness #tutor2ubusiness #alevels #edexcelbusiness #businessalevel VIDEO CHAPTERS 0:00 Introduction 0:16 The Challenge Facing Marketing Strategy 0:34 Porter's Approach 1:04 What is a Competitive Advantage? 1:47 Porter's Generic Strategies 2:47 Why Low Cost is a Source of Competitive Advantage 3:52 Likely Features of a Low Cost Operators 4:50 Examples of Low Cost Strategies in Action 5:48 Ways to Achieve Differentiation 6:47 Examples of Successful Differentiation Strategies? 8:27 Examples of Stuck in the Middle? 9:17 Hybrid Strategies: Differentiation AND Low Cost VIDEO SUMMARY This video is about Porter's Generic Strategies, which helps businesses gain a competitive advantage. Michael Porter identified two main strategic approaches for businesses to achieve a competitive advantage: differentiation and low cost. Differentiation: aiming to be unique in the market by focusing on superior quality, branding, wider range of features, or customer service. Customers are willing to pay more for these differentiated products or services. Low Cost: aiming to be the most cost-efficient producer in the market. This can be achieved through economies of scale, automation, or a lean production method. Businesses with a low-cost strategy can enjoy higher profits or grow market share by offering lower prices. Businesses that are stuck in the middle, not being the most differentiated or the most cost-efficient, are likely to suffer from competitive disadvantage. Examples of businesses that might be stuck in the middle include McDonald's, Sony, Smiths and Morrisons. Porter also proposed a hybrid strategy, which combines low cost with differentiation. Ikea is a great example of a company that employs this strategy. Ikea offers low-priced furniture with good quality and unique design, and it also tailors its products to different international markets.