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Offensive tactics a firm can use include:
1. Market Penetration: Increasing market share in existing markets.
2. Market Development: Entering into new markets with existing products.
3. Product Development: Developing new products for existing markets.
4. Diversification: Entering into new markets with new products.
Defensive tactics can include:
1. Raising barriers to entry: Making it difficult for new competitors to enter the market.
2. Increasing buyer switching costs: Making it costly for customers to switch to competitors.
3. Maintaining strong supplier relationships: Ensuring a steady supply of necessary resources.
4. Innovation: Continually improving products or services to stay ahead of competitors.
Question was asked on:
In his book , Michael Porter wrote that the competition in an industry and the ultimate profitability of a firm depend on five fundamental competitive forces: ease of entry, threat of substitution, bargaining power of buyers, bargaining power of suppliers, and rivalry among competitors. Competitive strategy aims to create a defensible position for the firm against these five competitive forces with offensive or defensive tactics.
Asked on the following presentation:
Do you feel trapped to outdo competitors? Better strategies can build a stronger defense against competition and generate higher ROI on your strategic...
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