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Generic Operational Strategies - Operation Strategy
Porter (1985) presented five basic generic strategies for business:
1. Cost efficiency - low cost leadership strategy
2. Differentiation strategy - be different from the competition in at least one key aspect of the buyers purchasing criteria
3. Focus on a particular market segment strategy - be the best in the market in which you specialise
4. A quality strategy - be a quality leader and have an innovation strategy - be the leader on product characteristics - usually through technological innovation.
Modelling – meaning and process, Certainty and uncertainty in models, importance of understanding data before modelling , modelling with spreadsheet in simple decision situations.
Describe the eight general strategies in the business buying decision process.
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