Some books (including ours) and other resources describe four generic strategies, while others merge the two “focus” strategies into one, for a total of three. In our exercise we will use the 4 strategy model. Be sure to review assigned readings and resources for this week. Use this template Download templateto complete the assignment (and be sure to label the diagram). Populate the diagram based on the information provided below. Your task is to populate the diagram with products, assess what you see, and then offer advice. Tip: this process is simple and direct if you ask the 2 questions and then act accordingly. Use the provided template to complete the assignment. When you are finished, submit the completed file. Choose a product you want to use for this exercise. To keep your life as painless as possible, choose one from the list below, as each of these has a fully developed market with both broad and niche segments: City transportation (e.g. bus, taxi, personal car, subway, helicopter, Uber, etc.) Cellular phones (which range from $14 to $1400 or more) Laptop computers (an endless variety, including some made to be driven over by a truck without breaking) Refrigerators (from tiny dorm models to small & large standard models to walk-in commercial models to units that run on natural gas for camping) Seats at a specific sporting arena (including general admission/the “nose bleed” sections, end zone, mid-court, bench/chair back/box, luxury suite, etc.) Clothing (here you might choose to use either specific brands, or you could use the names of retailers that specialize in specific market segments/strategies (e.g. Old Navy vs a high end department store, vs the local thrift shop, vs making your own) Athletic shoes For your product category, list out 6-8 specific products you want to work with (for cars I might list a Corvette sports car, a Ford pickup, a Tesla electric, etc.) Place these products on your generic strategy grid. REMEMBER to do this by asking the two basic strategy questions (Scope & Source of Competitive Advantage), since doing this correctly will ensure that you get it right. Analyze the grid, assuming that the products you put on the grid represent all the products currently on the market.responding to the following: What do you see in the market? You are looking for opportunities, potential problems, etc. so be specific and explain why you said what you did. Make recommendations about how your company should try to expand its business, using your analysis of the populated grid to support your case. For instance, which box should your company consider expanding in (if any), and why? Or do you see any that seem overly crowded, suggesting that they might be less profitable…if so, how should your firm behave in that market segment? Support your recommendations with information from the analysis, and go beyond these two example queries to sum it up fully. Proofread your analysis and submit it.
