strategy is making trade-offs in competing

narrow market 2 strategy requires you to make trade-offs in competing - to choose what not. The public prints and advertising. Tailor-made clothing and custom-built houses include the customer in all aspects of production, from product work from home bookkeeping jobs design to final acceptance, and involve customer input in all key decisions. Were always asking the companies we work with, Where is that new technology thats going to change everything? This is what leaders. But today, it is hard to imagine confronting the discipline without reckoning with the Harvard Business School professor, perhaps the worlds best-known business academic. That is, can a firm straddle strategies so that it is simultaneously the low-cost leader and a differentiator? A lot of business thinking has stressed the notion of empowerment, of pushing down and getting a lot of people involved. Strategy involves creating a fit among activities. The feature that customers like and find attractive about a product this year may not make the product popular next year. Some research suggests that straddling strategies is a recipe for below-average profitability compared to the industry.

Company research suggested the endorsement by the Italian soccer team, for example, was not achieving the desired results. Few needs, many customers (Jiffy Lube provides only lubricants but it provides them to all kinds of people with all kinds of motor vehicles). On one hand, they have to maintain continuity of strategy. That doesnt mean that leaders have to invent strategy. Its not that it doesnt exist. Southwests consistent low-fare strategy has attracted a significant number of passengers, allowing the airline to succeed. Engage people on what/how to accomplish. We all agree that change is faster now than it was 10 or 15 years ago. Differentiation does not allow a firm to ignore costs; it makes a firms products less susceptible to cost pressures from competitors because customers see the product as unique and are willing to pay extra to have the product with the desirable features. A firm following the focus strategy, a strategy in which an organization concentrates on a specific regional market, product line, or group of buyers in combination with its pursuit of either an overall cost leadership or differentiation strategy. Great leaders are able to enforce the trade-offs : Yes, it would be great if we could offer meals on Southwest Airlines, but if we did that, it wouldnt fit our low-cost strategy. Bargaining power of suppliers (some companies are readily able to switch suppliers in order to get components but others are not).

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