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Unformatted text preview: cedures to measure success in carrying out decisions Common Competitive Business Common Competitive Business Strategies • There are three primary business strategies a company can choose from: • • • Cost Leadership Differentiation Focus Cost Leadership • This strategy is where we aim to be The lowest cost provider relative to our competitors in the same industry • What are the disadvantages and advantages of Cost Leadership? • Can you think of any companies that pursue a cost leadership strategy? • What would be the HR priorities for a company following a Cost Leadership strategy? Cost Leadership • To follow a Cost Leadership Strategy, you have to find ways to reduce your costs: • Non­union workforce • Off­shore manufacturing • Produce/grow what you sell • Work harder/faster • Use older / second­hand technology • Use economies of scale Differentiation Differentiation • This strategy is where we seek to build customer base by positioning services/ goods in a unique fashion • It’s a Wrap – a clothing store in California that specializes in selling clothes and accessories from movies • The Ice Hotel – in the Arctic Circle, Sweden…hotel made completely from ice “it’s not about comfort; it’s about an adventure” • What would be the HR priorities for a company following a Differentiation business strategy? Focus Focus • This strategy is where we focus o...
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