Q: I've always enjoyed your seminars, and went to one last year on competitive strategy. Since then, I have looked for more information, but have had a hard time finding it. I have two questions for you: Can you offer an overview of competitive strategy and the different types? And, can you recommend any books on the subject for further reading? — Charles
A: I'm always happy to discuss competitive strategy because it's an essential ingredient for success at every business. Also, the aftermarket cartridge industry is now mature, and during this time within its lifecycle, a company's competitive strategy will ultimately separate the "winners" from the "losers" in the great game of business.
A competitive strategy provides your company with a roadmap; it offers a clear, intelligent framework to help you and your employees make business decisions and tradeoffs on a daily basis. Making tradeoffs is imperative because a company simply cannot be all things to all people and still achieve a superior profit margin. Achieving a sustainable, superior profit margin is the reason we must have a strategy.
What's interesting about strategy is that extensive studies have shown that successful businesses follow so-called "generic strategies" that are always appropriate regardless of the situation or industry. Michael Porter developed one of the best-known models of "generic strategies".
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