Reference no: EM133187288

The important distinctions among the competitive strategies and the importance of choosing the right strategy to match your resources and capabilities or developing resources and capabilities to match our grand ambitions. Consider thoughtfully how you compete, personally, in your profession. Do you strive for operational efficiency, doing the same thing as everyone else, only better, faster, more efficiently? If you strive for differentiation, combining your unique skill set, experience, and expertise to offer a service that no one can match, take a moment to disaggregate and list the components of that competitive advantage.

Nike can charge a superior premium for its branded merchandise. Examine your first reaction to this information: Do you shake your head and comment, "It's not worth that!"? Or do you ask, "What is the magic formula that has enabled Nike to charge more for its particular brand?" Ask yourself what factors might be in play that enable your products, your firm, and your persona to increase in value with respect to people's perceptions.

One of the most difficult tasks in business is to convert a generic commodity into a differentiated product with premium value added. Consider coffee for a moment and how Equal Exchange created a sharply defined "persona" linked to fulfilling the desires of a particular customer base. Were you to launch your own brand of coffee tomorrow, consider how you might differentiate this common commodity in such a way that sets you apart from the plethora of other coffees on the market. What combination of attributes, service, brand, packaging, distribution, and benefits might make for a winning coffee launch?