1. The document discusses Michael Porter's model of generic competitive strategies including cost leadership, differentiation, and focus strategies. It provides details on how firms can achieve a cost advantage or implement differentiation. 2. Industry scenarios are described as a way for firms to consider different potential futures and make strategic choices to account for uncertainties. Scenarios help firms think beyond existing assumptions. 3. The five generic competitive strategies - cost leadership, differentiation, best-cost provider, and focus/niche strategies - are outlined. Contexts where each strategy may be most effective are also discussed.

1. Amity Business School MBA Class of 2010 Semester III Business Policy and Strategic Management Vivek Singh Tomar [email_address]

2. Module III : Strategic Choice – Michael Proter’s Approach Michael Porter’s Model, Generic competitive strategies. Cost advantage, differentiation, technology and competitive advantage, substitution, competitor, complementary products and competitive advantage strategic vision vs. strategic opportunism

8. V-C Framework Value Price Cost Buyer’s Surplus Firm’s Profit The Firm’s Economic Contribution

11. The Five Generic Competitive Strategies

26. How to Achieve a Differentiation- Based Advantage Approach 1 Incorporate features/attributes that raise the performance a buyer gets out of the product Approach 2 Incorporate features/attributes that enhance buyer satisfaction in non-economic or intangible ways Approach 3 Compete on the basis of superior capabilities Approach 4 Incorporate product features/attributes that lower buyer’s overall costs of using product

40. Relationships Among Resources, Capabilities, Distinctive Competencies, and Eventual Profitability