Case Study Differentiation Strategy Examples

Executive Summary

The Evolution of Corporate Strategy

Within the realms of the business world, pre-20th-century theories of competitive strategy focused on binary outcomes; mainly how to bludgeon markets with monopolies and exclusivity agreements. As markets became more liberated, compromises and specializations became more important and up to the mid-20th-century teachings moved towards gaining internal proficiency within business analysis.

In the late 1970s, competitive business strategy was brought into the mainstream through the publication of Michael Porter’sFive Forces Framework. Offering a competitor analysis tool to assess markets based upon dynamics of the bargaining power of buyers and suppliers, the threat of new entrants and substitutes, and overall industry rivalry. A more in-depth explanation of this method can be read here.

His follow-up was named Competitive Strategy, which introduced the concepts of Generic Strategies. This framework was based on the assertion that in order to maintain above average long term profitability, a firm requires a sustainable competitive advantage. There are two high-level ways that a firm can possess this: through having the lowest costs or via product/service differentiation strategy. A firm must achieve one of those, or the third, a focused specialism of either strategy within targeted markets. If the firm does not focus on one of these, it could stretch itself too thin with contradictory strategy, resulting in it being “stuck in the middle”. The figure below shows a graphical representation of his two seminal strategy frameworks:

Porter’s Generic Strategies inspired countless case studies, recounting the successful types of competitive strategy implemented by businesses such as Walmart, Southwest Airlines and Ikea.

In 1996, Porter wrote “What is Strategy,” which introduced his activity positioning strategies, describing paths that businesses can take in order to gain competitive advantage within value chains. He wrote that there are three activities that can be followed within this positioning framework, variety-based, needs-based, and access-based. As a compliment to the generic strategies, these tactics gave more clear paths towards how a firm can gain competitive advantage and thus, succeed within a wider generic strategy.

For example a cost-leadership generic strategy merely implies that a firm must produce at the cheapest cost. But how does a company reach that point? Porter’s activity strategies complement this work through offering positioning routes. They are shown visually below, followed by their explanation with some competitive strategy examples from successful companies of the era.

1. Variety-based Positioning

This is a strategy wherein a firm produces a subset of an entire industry’s products or services. It thus chooses to not segment itself by the customer, but instead through the choice of offering. This focused approach can allow a company to scale through specialization and, by allocating resources to specific areas that enables it to accelerate innovation, drive better service and achieve lower costs.

Porter used the example of Jiffy Lube for successful variety-based positioning. A business that he cited had succeeded by solely producing automotive lubricants and with no ancillary products, or services offered. This resulted in faster service, cheaper cost, and a superior product

2. Needs-based Positioning

The converse of variety-based positioning is the option of just targeting segments of customers and fulfilling all of their needs. This builds excellence through understanding a customer and capturing its full value-chain through tailored service and repeat business.

The examples provided for this strategy were within the industry of wealth management. Whereby Bessemer Trust and Citibank had gained success by solely targeting clients with investible assets of $5 million and $250 thousand respectively.

3. Access-based Positioning

The final strategy is targeting customers that have similar needs, but with disparate access routes to the product or service. Access can be defined by customer geography or customer scale, insomuch that a firm requires different delivery methods in order to serve them effectively.

Carmike Cinemas (sold in 2016 to AMC Theatres) was provided as an example of a successful application of this strategy. It was a chain of cinemas that targeted small town cinema-goers in rural areas. Operating a central corporate function allowed Carmike to gain economies of scale, yet it distributed the cinema experience through a tailored local service. One such example mentioned was via cinema managers who knew patrons by name and ran their own marketing campaigns.

Modern Examples of Competitive Strategy

When we talk about strategy of digital companies, the conversation is usually framed around concepts of innovation, in particular towards Clayton Christensen’s Disruptive Innovation ideas. Yet once a a business has innovated, it still needs to have strategic planning in place to ensure that it can execute and seize competitive advantage. Apple and Nokia spring to mind for companies that have had their respective strategic successes and failures scrutinized heavily in recent times.

In light of Porter’s competitive strategies being over 20 years old, this article will use his activity mapping framework to demonstrate the advantages of strategic planning via case study examples of success from the digital economy.

Variety-based Positioning: Nvidia

Nvidia is a producer of graphic processing units (GPUs), which at the age of 24 is recording annual revenue growth of 48% and gross margins just shy of 60%. Impressive figures for a mature business.

The GPU was invented by Nvidia in 1999 and, within the vast chip market, it is still the only offering that it produces. If you look on its website, instead of having the standard “Product” section listing its types of hardware, Nvidia shows the “Platforms” that it creates GPUs for. This is particularly pertinent as a successful application of needs-based positioning, as Nvidia’s strength in GPUs is so strong that it has tailored its SKUs exactly to the specifications of its client sets.

The growth of video gaming has helped drive demand for GPUs and hence, the success of Nvidia. Half of its revenue comes from this sector. Such a specialization has not limited Nvidia; instead, as new industries have spawned, they have deviated towards the powerful technology that it creates. Self-driving cars and augmented reality are two such examples of new cases, which Nvidia has adapted towards and now serves. GPUs are now the center of the artificial intelligence universe, which will also be harnessed to help maintain the pace of innovation of GPU processor speed.

The price of GPUs has risen in recent years due to cryptocurrency mining, which favors the most powerful GPUs. In June 2017, one analyst estimated that cryptocurrency mining alone drove $100 million worth of sales to Nvidia in just 11 days. One could call this a strike of luck, or a positive externality of its technology enabling new markets.

As the pioneer of the GPU, Nvidia has built itself into a gatekeeper of the ecosystem, using events like the GPU Technology Conference to bring together stakeholders and keep itself at the center of proceedings.

Over time, its efforts in GPU development has helped Nvidia to accelerate performance improvement relative to the incumbent medium of central processing units (CPUs). Through this visual example of Moore’s Law in action, it has also grown its own market share relative to its main competitor, AMD:

Compared to AMD, Nvidia has consistently outperformed it. From a shareholder’s return perspective, it has returned approximately 850% more than AMD over the past four years:

With a 58.8% gross margin, Nvidia outperforms AMD (23.4%) by almost 35%, which is a negative EBITDA business. AMD has been riding the GPU wave too and has comparable output performance from its chips. So why does it have poorer financial performance? Well, AMD is not as focused as Nvidia—it also makes CPUs, where it competes heavily with Intel. It engaged in an ugly, drawn-out lawsuit with Intel over antitrust matters that distracted it during the past decade, in addition to fighting with Nvidia in the high-end GPU market. AMD is overstretched and, hence, earnings have disappointed.

Needs-based Positioning: Pinterest

The golden era of the social network pioneers may be long gone. Despite their continued popularity, Facebook, Twitter, and LinkedIn all emerged over a decade ago. The costs needed to build up a network and attract users are exorbitant and even if they aren’t winner-takes-all markets, it would take a brave business to try. Attention now has diverted towards messaging and interaction. The dominance of Facebook is demonstrated through its purchases of two of the most promising startups that recently emerged from this sector, Instagram and WhatsApp.

One such company that has recently carved out a successful niche within this market is Pinterest. At seven years old, it is still relatively young and largely flies under the radar, yet it is valued at $12.3 billion (the 10th highest valued private tech company). Its network has 200 million monthly active users, half of whom are in the USA and 81% of whom are female. It grew its initial user base through referral tactics, shunning expensive paid-for acquisition methods.

Pinterest has grown within a mature and competitive market through needs-based positioning. It brings value to specific types of users who use the network to discover and buy new things. If you search for Pintrest, this is what you see:

Its photo-based list interface has allowed Pinterest to naturally deviate toward activities that benefit from this, such as sharing interior design and fashion ideas. The user benefits because unlike, say, Amazon’s “Recommended for You” section, these lists are curated by users and bring wider and less biased suggestions.

Having defined psychographics of loyal users and use cases for the network is catnip for marketers. Pinterest could have tried to compete with the wider social networks by being a “jack of all trades, master of none” type. Instead it embraced its core user base and those that drive the most value from image-based lists. This brand strategy has in turn also driven value for the other side of its market, advertisers.

A now deleted-article by the private company showed statistics of its users, showing that 93% of them have used the platform to plan for a purchase and then 52% have then gone on to buy it online. It is the second highest source of referral traffic to Shopify and its average order size of $50 is the highest from all the social networks. It generates 5% of all referral traffic on the web. Research from Mary Meeker’s Internet Trends report in 2016 showed how Pinterest drives strong traffic for internet purchases:

Despite only starting to record revenue from 2015, Pinterest made $100 million in that year, which grew to $300 million in 2016 and could reach $600 million by 2017. SharesPost International estimates that yearly revenue will continue to expand at 40-45% per year up to 2020. Through needs-based positioning, Pinterest has created a lucrative network that services specific users and through that it has found revenue opportunities via referral advertising.

Access-based Positioning: Xoom

I feel that the best example of digital companies that have used effective access-based positioning to build competitive advantages are those in the money transfer industry. Looking at remittances, the traditional process is that senders go to a branded bureau (for example Western Union) and then their recipient picks it up from another bureau in the destination country. Sure, it works, but who benefits the most from this? Western Union of course, who keep users within its ecosystem, regardless of the compromises that users have to make to send or receive.

By eschewing using its own infrastructure and acting as an enabler of transfers, Xoom (established in 2001) gave its customers more choice. Xoom would allow a sender to send via their phone and then the receiver could obtain cash in a number of ways, such as bank transfer, phone top-up, or cash pickup.

By not defining cash pickup to “Xoom bureaus” and instead using third party brands, it increased the options available to customers. This was also lucrative for Xoom as, in the process, it also earned higher gross margins than Western Union, as it did not have to build out any of its own proprietary branch networks.

Xoom shows a great example of building competitive advantage via access-based positioning. Its users have the same needs (send and receive money), but each has nuanced aspects of their needs based on their geography. Cash pickup for an urban recipient can be an easy option to take, but for a rural dweller, the comfort of receiving it via phone credit may far outweigh the inconvenience of a journey to an affiliate cash pickup location.

PayPal eventually bought Xoom in July 2015 at a $890 million valuation, a 32% premium to its share price at the time. Considering that PayPal is a behemoth of money transfer, why would it not just replicate Xoom itself? Well their intentions will have been driven by buying Xoom’s brand value, but also in buying its expertise for earning competitive advantage via access-based positioning. PayPal’s own P2P payments system has shades of Western Union’s, in that for one user to send to another, they both need to have PayPal accounts.

Summary

We are in an amazing era of innovation, with startups and businesses ripping up norms and bringing value to consumers through more choice and utility. However, one reason that many startups ultimately fail is because they follow a mentality of “If you build it, they will come.” This leads to situations where startups get outmaneuvered in their markets by not considering how they can win competitive advantage.

There are now many competitive strategy techniques for analyzing industries and competitors. Within these, Michael Porter’s frameworks provide solid tools for businesses to use for planning their positioning in the market. Despite approaching their 40th birthday, they still hold firm for digital companies to look towards when making business models and compiling competitive intelligence.

Understanding the Basics

Who is Porter?

Michael Porter is an American academic and professor at Harvard Business School. He is renowned for his works on business competitive strategy and healthcare policy.

What are the four competitive strategies?

Michael Porter’s Generic Strategies prescribed four themes for gaining competitive advantage: cost leadership, differentiation, focused cost leadership and focused differentiation.

What is a strategic competitive advantage?

This is a characteristic that allows a company (or country) to outperform its competitors. Some examples could be access to natural resources, higher caliber labor, geographic location, access to technology, and/or high barriers to entry.

What is a low cost business strategy?

A low cost business strategy is an approach where a business seeks to claim competitive advantage by producing its product or service cheaper than its competitors. For commodity products, this is particularly invaluable, as consumers will naturally deviate to this offering.

What is a hybrid business strategy?

A hybrid business strategy is when a firm seeks to gain competitive advantage by employing different tactics via a mixture of cost leadership and differentiation strategies. This is possible for firms with significant resources and disparate markets, reducing their chance of becoming "stuck in the middle."

About the author

Alex Graham, United Kingdom

member since December 17, 2016

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Alex is a London-based CFA charterholder has had a global career. He enjoys freelancing to keep abreast of industry trends and to reinforce his experience from venture capital, consulting and bond/currency trading. With a technical skill set and an engaging communicative touch, he is proficient in valuations and market analysis. His breadth of work has ranged from projects with the Bank of England to help a jewelry entrepreneur to fundraise. [click to continue...]

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Learning Objectives

  1. Describe the nature of focused cost leadership and focused differentiation.
  2. Know the advantages and disadvantages of focus strategies.

Companies that use a cost leadership strategy and those that use a differentiation strategy share one important characteristic: both groups try to be attractive to customers in general. These efforts to appeal to broad markets can be contrasted with strategies that involve targeting a relatively narrow niche of potential customers. These latter strategies are known as focus strategies (Porter, 1980).

The Nature of the Focus Cost Leadership Strategy

Focused cost leadership is the first of two focus strategies. A focused cost leadership strategy requires competing based on price to target a narrow market (Table 5.6 “Focused Cost Leadership”). A firm that follows this strategy does not necessarily charge the lowest prices in the industry. Instead, it charges low prices relative to other firms that compete within the target market. Redbox, for example, uses vending machines placed outside grocery stores and other retail outlets to rent DVDs of movies for $1. There are ways to view movies even cheaper, such as through the flat-fee streaming video subscriptions offered by Netflix. But among firms that rent actual DVDs, Redbox offers unparalleled levels of low price and high convenience.

Table 5.6 Focused Cost Leadership

Firms that compete based on price and target a narrow market are following a focused cost leadership strategy. Several examples of firms pursuing a focused cost leadership strategy are illustrated below.

Redbox rents DVDs and video games through vending machines for only $1.Papa Murphy’s targets its inexpensive take-and-bake pizzas at value-conscious families. Because the pizzas are baked at home rather than in the store, Papa Murphy’s is permitted to accept food stamps. This allows the firm to attract customers that might not otherwise be able to afford a restaurant-quality pizza.

Claire’s three thousand+ locations target young women with inexpensive jewelry, accessories, and ear piercings. The strategy has worked: Claire’s has over three thousand locations and has stores in 95 percent of U.S. shopping malls.

Providing indoor seating creates expenses for fast-food restaurants. Checkers Drive In keeps its costs low by not offering indoor seating. Checkers targets drive-thru customers and offers them big burgers at rock-bottom prices.

Another important point is that the nature of the narrow target market varies across firms that use a focused cost leadership strategy. In some cases, the target market is defined by demographics. Claire’s, for example, seeks to appeal to young women by selling inexpensive jewelry, accessories, and ear piercings. Claire’s use of a focused cost leadership strategy has been very successful; the firm has more than three thousand locations and has stores in 95 percent of US shopping malls.

In other cases, the target market is defined by the sales channel used to reach customers. Most pizza shops offer sit-down service, delivery, or both. In contrast, Papa Murphy’s sells pizzas that customers cook at home. Because these inexpensive pizzas are baked at home rather than in the store, the law allows Papa Murphy’s to accept food stamps as payment. This allows Papa Murphy’s to attract customers that might not otherwise be able to afford a prepared pizza. In contrast to most fast-food restaurants, Checkers Drive In is a drive-through-only operation. To serve customers quickly, each store has two drive-through lanes: one on either side of the building. Checkers saves money in a variety of ways by not offering indoor seating to its customers—Checkers’ buildings are cheaper to construct, its utility costs are lower, and fewer employees are needed. These savings allow the firm to offer large burgers at very low prices and still remain profitable.

The Nature of the Focused Differentiation Strategy

Focused differentiation is the second of two focus strategies. A focused differentiation strategy requires offering unique features that fulfill the demands of a narrow market (Table 5.7 “Focused Differentiation”). As with a focused low-cost strategy, narrow markets are defined in different ways in different settings. Some firms using a focused differentiation strategy concentrate their efforts on a particular sales channel, such as selling over the Internet only. Others target particular demographic groups. One example is Breezes Resorts, a company that caters to couples without children. The firm operates seven tropical resorts where vacationers are guaranteed that they will not be annoyed by loud and disruptive children.

While a differentiation strategy involves offering unique features that appeal to a variety of customers, the need to satisfy the desires of a narrow market means that the pursuit of uniqueness is often taken to the proverbial “next level” by firms using a focused differentiation strategy. Thus the unique features provided by firms following a focused differentiation strategy are often specialized.

Table 5.7 Focused Differentiation

Firms that compete based on uniqueness and target a narrow market are following a focused differentiations strategy. Several examples of firms pursuing a focused differentiation strategy are illustrated below.

Whole Foods Market focuses on selling natural and organic products. The supermarket’s reputation for high prices has led to a wry nickname — “Whole Paycheck” — but a sizable number of consumers are willing to pay a premium in order to feel better about the food they are buying. After all, you are what you eat!At Build-A-Bear Workshop, customers enjoy an interactive process of designing and assembling teddy bears. Build-A-Bear customers are willing to pay a premium price because they receive a unique, hands-on experience rather than simply buying a stuffed toy.

You can buy a cinnamon roll cheaper elsewhere, but Cinnabon’s pricey pastries are so delicious that sugar-obsessed snackers line up to buy them. Perhaps in a nod to Cinnabon’s strategy, the brand is owned by a parent company name Focus Brands.

The dedication of Mercedez-Benz to cutting-edge technology, styling, and safety innovations has made the firm’s vehicles prized by those who are rich enough to afford them.

When it comes to uniqueness, few offerings can top Kopi Luwak coffee beans. High-quality coffee beans often sell for $10 to $15 a pound. In contrast, Kopi Luwak coffee beans sell for hundreds of dollars per pound (Cat’s Ass Coffee). This price is driven by the rarity of the beans and their rather bizarre nature. As noted in a 2010 article in the New York Times, these beans


are found in the droppings of the civet, a nocturnal, furry, long-tailed catlike animal that prowls Southeast Asia’s coffee-growing lands for the tastiest, ripest coffee cherries. The civet eventually excretes the hard, indigestible innards of the fruit—essentially, incipient coffee beans—though only after they have been fermented in the animal’s stomach acids and enzymes to produce a brew described as smooth, chocolaty and devoid of any bitter aftertaste (Onishi, 2010).

Although many consumers consider Kopi Luwak to be disgusting, a relatively small group of coffee enthusiasts has embraced the coffee and made it a profitable product. This illustrates the essence of a focused differentiation strategy—effectively serving the specialized needs of a niche market can create great riches.

Larger niches are served by Whole Foods Market and Mercedes-Benz. Although most grocery stores devote a section of their shelves to natural and organic products, Whole Foods Market works to sell such products exclusively. For customers, the large selection of organic goods comes at a steep price. Indeed, the supermarket’s reputation for high prices has led to a wry nickname—“Whole Paycheck”—but a sizable number of consumers are willing to pay a premium to feel better about the food they buy.

The dedication of Mercedes-Benz to cutting-edge technology, styling, and safety innovations has made the firm’s vehicles prized by those who are rich enough to afford them. This appeal has existing for many decades. In 1970, acid-rocker Janis Joplin recorded a song called “Mercedes Benz” that highlighted the automaker’s allure. Since then Mercedes-Benz has used the song in several television commercials, including during the 2011 Super Bowl.

Developing a Focused Differentiation Strategy at Augustino LoPrinzi Guitars and Ukuleles

Augustino LoPrinzi Guitars and Ukuleles in Clearwater, Florida, builds high-end custom instruments. The founder of the company, Augustino LoPrinzi, has been a builder of custom guitars for five decades. While a reasonably good mass-produced guitar can be purchased elsewhere for a few hundred dollars, LoPrinzi’s handmade models start at $1,100, and some sell for more than $10,000. The firm’s customers have included professional musicians such as Dan Fogelberg, Leo Kottke, Herb Ohta (Ohta-San), Lyle Ritz, Andrés Segovia, and B. J. Thomas. Their instruments can be found at http://www.augustinoloprinzi.com. We asked Augustino about his firm (Short, 2007).

Question:
Were there other entrepreneurial opportunities you considered before you began making guitars?

Augustino Loprinzi:
I originally thought of pursuing a career in commercial art, but I found my true love was in classical guitar building. I was trained by my father to be a barber from a very young age, and after my term in the service, I opened a barbershop.

Question:
What is the most expensive guitar you’ve ever sold?

Loprinzi:
$17,500.

Question:
How old were you when you started your first business in the guitar industry?

Loprinzi:
I was in my early twenties.

Question:
How did you get your break with more famous customers?

Loprinzi:
I think word of mouth had a lot do with it.

Question:
You have been active in Japan. Do the preferences of Japanese customers differ from those of Americans?

Loprinzi:
Yes. The Japanese want only high-end instruments. Aesthetics are very important to the Japanese along with high-quality materials and workmanship. The US market seems to care in general less about ornamentation and more about quality workmanship, tone, and playability.

Question:
How do you stay ahead in your industry?

Loprinzi:
Always try to stay abreast on what the music industry is doing. We do this by reading several music industry publications, talking with suppliers, and keeping an eye on the trends going on in other countries because usually they come full circle. Also, for the past several years by following the Internet forums and such has been extremely beneficial.

Janis Joplin’s musical tribute to Mercedes-Benz underscores the allure of the brand.

Advantages and Disadvantages of the Focused Strategies

Each generic strategy offers advantages that firms can potentially leverage to enhance their success as well as disadvantages that may undermine their success. In the case of focus differentiation, one advantage is that very high prices can be charged. Indeed, these firms often price their wares far above what is charged by firms following a differentiation strategy (Table 5.8 “Executing a Focus Strategy”). REI (Recreational Equipment Inc.), for example, commands a hefty premium for its outdoor sporting goods and clothes that feature name brands, such as The North Face and Marmot. Nat Nast’s focus differentiation strategy centers on selling men’s silk camp shirts with a 1950s retro flair. These shirts retail for more than $100. Focused cost leaders such as Checkers Drive In do not charge high prices like REI and Nat Nast do, but their low cost structures enable them to enjoy healthy profit margins.

A second advantage of using a focus strategy is that firms often develop tremendous expertise about the goods and services that they offer. In markets such as camping equipment where product knowledge is important, rivals and new entrants may find it difficult to compete with firms following a focus strategy.

Table 5.8 Executing a Focus Strategy

Using one of the focus strategies offers firms important advantages and disadvantages. Below we illustrate a few examples in relation to an industry where many different types of focus exist–sporting goods.

AdvantagesDisadvantages
High prices can be charged. Recreational Equipment Incorporated (REI), for example, commands a premium for their outdoor sporting goods and clothes that feature name brands such as The North Face and Marmot.
Firms using a focus strategy often develop great expertise about the good or service being sold. Thus, customers may gravitate toward a specialty camping shop in order to learn how to best take advantage of limited vacation time.
Limited demands exist for specialized goods and services, so every potential sale counts.
The area of focus may be taken over by others or even disappear over time. Many gun stores went out of business after large retailers such as Walmart started carrying an array of firearms.
Other firms may provide an even narrower focus. An outdoor sporting goods store, for example, might lose business to a store that focuses solely on ski apparel because the latter can provide more guidance about how skiers can stay warm and avoid broken bones.

In terms of disadvantages, the limited demand available within a niche can cause problems. First, a firm could find its growth ambitions stymied. Once its target market is being well served, expansion to other markets might be the only way to expand, and this often requires developing a new set of skills. Also, the niche could disappear or be taken over by larger competitors. Many gun stores have struggled and even gone out of business since Walmart and sporting goods stores such as Academy Sports and Bass Pro Shops have started carrying an impressive array of firearms.

Finally, damaging attacks may come not only from larger firms but also from smaller ones that adopt an even narrower focus. A sporting goods store that sells camping, hiking, kayaking, and skiing goods, for example, might lose business to a store that focuses solely on ski apparel because the latter can provide more guidance about how skiers can stay warm and avoid broken bones.

Strategy at the Movies

Zoolander

One man’s trash is another man’s fashion? That’s what fashion mogul Jacobim Mugatu was counting on in the 2001 comedy Zoolander. In his continued effort to be the most cutting-edge designer in the fashion industry, Mugatu developed a new line of clothing inspired “by the streetwalkers and hobos that surround us.” His new product line, Derelicte, characterized by dresses made of burlap and parking cones and pants made of garbage bags and tin cans, was developed for customers who valued the uniqueness of his…eclectic design. Emphasizing unique products is typical of a company following a differentiation strategy; however, Mugatu targeted a very specific set of customers. Few people would probably be enticed to wear garbage for the sake of fashion. By catering to a niche target market, Mugatu went from a simple differentiation strategy to a focused differentiation. Mugatu’s Derelicte campaign in Zoolander is one illustration of how a particular firm might develop a focused differentiation strategy.

Key Takeaway

  • Focus strategies can be effective business-level strategies to the extent that a firm can match their goods and services to specific niche markets.

Exercises

  1. What are three different demographics that firms might target to establish a focus strategy?
  2. What is an example of a business that you think is focused in too narrow a fashion to be successful? How might it change to be more successful?

In contrast to tacky Hawaiian souvenirs, the quality of Kamaka ukuleles makes them a favorite of ukulele phenom Jake Shimabukuro and others who are willing to pay $1,000 or more for a high-end instrument.

References

Cat’s Ass Coffee, href=”http://www.catsasscoffee.com/order3.html”>http://www.catsasscoffee.com/order3.html.

Onishi, N. 2010, April 17. From dung to coffee brew with no aftertaste. New York Times. Retrieved from http://www.nytimes.com/2010/04/18/world/asia/18civetcoffee.html?pagewanted=all.

Porter, M. E. 1980. Competitive strategy: Techniques for analyzing industries and competitors. New York, NY: Free Press.

Short, J. C. 2007. A touch of the masters’ hands: An interview with Augustino and Donna Loprinzi. Journal of Applied Management and Entrepreneurship, 12, 103–109.

This is a derivative of Mastering Strategic Management by a publisher who has requested that they and the original author not receive attribution, which was originally released and is used under CC BY-NC-SA. This work, unless otherwise expressly stated, is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

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