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If you gain a thorough understanding of the dynamics of competition in your industry, you can easily develop a custom-fit, yet highly effective business strategy by answering one simple question: Are there any obstacles stopping you from doing things, other companies cannot!
If you answered “yes” to this question, you are going to find strategizing to be a critical aspect of your business model. Any profits made will be directly related to the level of skill you display in defensive strategy, as well as in your management techniques. Always be prepared to engage in the identification, understanding, anticipation, and influence!
Table of Contents
Do You Have a Competitive Advantage?
Economies of Scales
Fixing costs across a very wide span to gain competitive advantage
The core elements of efficiency include:
The need for efficiency can be seen clearly in the following:
Optimizations and efficiency
You have to upcharge.
There is expense when differentiation is involved.
Is There Any Individual Firm or Company that is Dominant?
Game Theory: Bargaining and Cooperation Tactics
“The Prisoner’s Dilemma”
Implement Reward Systems
Keep Away From Comparing Products on a Direct Basis
Interact socially in your industry
Develop Perk programs and Loyalty programs for your customers
Developing an industry agreement
Limit the amount of output in the market
Establish your own individual practices in regard to pricing
Pre-emption and Techniques of Entry
Strategies for the Newcomers/Challengers
Create and introduce a clear, easy to comprehend Statement of Intent
Make a decision as to which are of the market you will set your focus on as your main target.
The marketplace industry is, at times, made more difficult by the very presence of incumbents
The higher the number, the more trouble you may have.
Full Speed Ahead or to Proceed With Caution
Strategies for the Incumbent
Be Willing to Reply Appropriately and In Kind
Leave No Stone Unturned, and No Spot Unchecked
Keep extra product on hand, and maintain a large capacity for production
Be clear through the use of the media
Is Your Company the Dominant Entity in the Industry?
When It Comes To Management & Forming Our Competitive Advantage, Are We Giving It All We’ve Got?