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- View The Talks
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1. What is strategic management?
- Prof. Dave Ketchen
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2. How to articulate uniqueness and measure success
- Prof. Jeremy Short
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3. What makes an industry profitable?
- Prof. Dave Ketchen
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4. How do firms differ in their use of scarce resources?
- Prof. Jeremy Short
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5. How should a firm compete in an industry?
- Prof. Dave Ketchen
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6. What are common competitive actions?
- Prof. Jeremy Short
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7. What determines success in international markets?
- Prof. Dave Ketchen
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8. What are common corporate level growth strategies?
- Prof. Jeremy Short
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9. Creating an effective organizational structure
- Prof. Dave Ketchen
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10. What roles do boards of directors play?
- Prof. Jeremy Short
Printable Handouts
Navigable Slide Index
This material is restricted to subscribers.
Topics Covered
- Competition
- Pricing
- Retail
- Success
- Products
- Customers
Talk Citation
Ketchen, D. (2023, February 28). How should a firm compete in an industry? [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved December 8, 2024, from https://doi.org/10.69645/ZJKT2005.Export Citation (RIS)
Publication History
A selection of talks on Strategy
Transcript
Please wait while the transcript is being prepared...
0:00
Hi, my name is Dave Ketchen.
I serve as the Harbert
Eminent Scholar and
Professor of Management at
Auburn University in Auburn,
Alabama in the United
States of America.
We're going to talk
about how a firm should
compete in a
particular industry.
0:22
If we look at any industry,
what we're going to find is that
each company competes a
little bit differently.
So think for example
about the restaurants in
your local area or the
hotels in your local area,
each one has a slightly
different approach
to try to be successful
in the market.
But if we move up a
level of abstraction,
what we find is that there are
some general themes that
successful companies
choose from.
So what I'm going to do
is talk about each of
these general themes
that can lead to success
and also talk about
how companies can
fall away from
success and struggle.
1:09
The first strategy that we think
about is cost leadership,
and the name is
really helpful here,
this is a company that
compete based on cost.
That doesn't mean
that they provide
poor quality products that
don't fulfill customers needs.
Instead, they provide
basic products that
are reasonable quality but
are offered at a low price.
So each of these strategies,
I'm going to talk about,
each of these themes has
certain advantages
and disadvantages.
In the case of cost leadership,
a big advantage is that if
another company launches
a price war against you,
you're well positioned
to withstand that,
because you're geared up towards
efficiency and low cost.
In many markets, there
are great deal of
customers who are
interested in economizing.
So you can enjoy a
high market share
with this particular strategy.
On the downside, sometimes
these companies are a
little bit late to notice
trends in the
environment that are
changing and reshaping
the industry.
They're so focused on
efficiency that they don't
necessarily notice changes as
quickly as some
other folks might,
and that can lead to
them being left behind.