102 Strategize
After selecting the business, setting goals, and determining the directional growth path, the next step is to develop strategies to achieve the desired objectives.
Competitive strategy is about acquiring and sustaining an advantage over competitors in the industry through performing differently in some meaningful way. Michael Porter, of the Harvard Business School, has identified three generic paths to achieving competitive advantage:
Overall cost leadership: no competitor across the industry can offer an equivalent product or service at a lower cost.
Differentiation: a company differentiates its offerings in some way that is meaningful ...
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