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Question: To what extent does Michael Porter’s ‘positioning approach’ to strategy (1980, 1985) assist a strategic manager in evaluating their firm’s competitive advantage?

08 Oct 2022,2:32 AM

 

  1. There are a number of methods for growing a firm. Compare and contrast three methods of firm growth and justify in which circumstances each method would be appropriate. Use example organizations to support your answer. In your answer you should also discuss the relative risks of each method.

 

  1. To what extent does Michael Porter’s ‘positioning approach’ to strategy (1980, 1985) assist a strategic manager in evaluating their firm’s competitive advantage?  In your answer, you should refer to relevant literature and examples.

 

  1. Explain what is meant by the term ‘blue ocean strategy’ (Kim and Mauborgne, 2005) and discuss the extent to which this type of strategy is sustainable for the medium to long term survival of a business. Use examples from industry to support your answer.

 

  1. Porter (1980) defined a number of 'generic strategies' that business units can use as a way of competing. Explain each generic strategy and comment on its potential advantages and disadvantages. Using relevant literature, critically discuss the extent to which generic strategies are realistic in practice.

 

 

Expert answer

 

According to Porter, a firm's competitive advantage can be categorized into one of three types: cost advantage, differentiation advantage, or focus advantage. A cost advantage occurs when a firm is able to produce a good or service at a lower cost than its competitors. A differentiation advantage occurs when a firm is able to produce a good or service that is perceived by consumers as being better than its competitors. A focus advantage occurs when a firm is able to specialize in a particular market segment and exploit its competitive advantages in that segment.

 

Porter's "positioning approach" to strategy assists a strategic manager in evaluating their firm's competitive advantage by helping them to identify the type of competitive advantage that their firm possesses. Additionally, the positioning approach can help a firm to develop a sustainable competitive advantage if they are able to identify a unique position in the market that is not easily replicated by their competitors.

 

The key to developing a sustainable competitive advantage is to ensure that your firm's competitive advantages are not easily copied by your competitors. One way to do this is to

 

constantly innovate and evolve your products and services so that they continue to meet the needs of your customers better than your competitors' products and services. Additionally, it is important to build strong relationships with your customers so that they remain loyal to your brand. Finally, it is important to always be looking for ways to improve your operations so that you can maintain a cost advantage or differentiate yourself from your competitors in some

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