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Write a 3 page essay on (a) describe how businesses choose between the four generic competition strategies available to them as well as the options presented by Ansoff product / Market matrix and (b)
Write a 3 page essay on (a) describe how businesses choose between the four generic competition strategies available to them as well as the options presented by Ansoff product / Market matrix and (b) demonstrate the application of these concepts in a business sector of your chos.
For example, businesses that wish to lower their costs but without affecting the quality of their products/ services would rather choose the first strategy, i.e. cost leadership. On the other hand, businesses that can develop products which are unique they could focus on differentiation (Ungson and Wong 2008, p.117), a strategy which has been quite popular worldwide. Also, it is possible for businesses to combine the strategies mentioned above, so that the success of the relevant effort is made sure. For example, a firm can primarily use a narrow strategy for ‘identifying the needs of a particular group of customers, e.g. young females, within a market’ (Stonehouse and Houston 2013, p.166). Then, the firm could use the differentiation strategy and develop a product/ service that could respond to the needs of this group of customers and which are unique, if compared to the existing products/ services referring to the above group of customers (Stonehouse and Houston 2013). It should be noted that, according to Porter, the ‘low cost strategy and the differentiation strategy’ (Hill and Jones 2011, p.86) can secure the competitiveness of a business but only under the terms that the conditions in the business environment are not highly competitive. otherwise, i.e. in highly competitive markets, a combination of strategies, as suggested earlier, should be rather preferred (Hill and Jones 2011).
The Ansoff matrix proposes the idea that business growth can be achieved by promoting ‘new or old products in new or old markets’ (Bachmeier 2013, p.2). As made clear through the graph in Figure 2 the strategies suggested through the specific framework need to be combined so that growth is secured (Bachmeier 2013). The business that will decide to use the strategies included in this matrix should adopt certain practices. For example, in the
