Thompson identifies five generic competitive strategies. Based on your experience, is there one best strategy or...

Thompson identifies five generic competitive strategies. Based on your experience, is there one best strategy or combination of strategies for competing in today's marketplace? Why or why not?

Expert Solution

There is no one best strategy which a company can use for competing in today's marketplace. The strategies depend upon the current industry scenarios, competitors, consumer preferences, entry barriers and various others internal and external factors. These factors keep on changing and hence a company will also need to adjust it's strategies accordingly. A company can create a competitive advantage using any one of these strategies. How long the company is able to maintain its competitive advantage with one strategy depends on the management and external factors. Most of the time, big companies have mastered the use of one strategy in which they are the best. If the variables do not change, then a company can use the same strategy to maintain a competitive advantage. If the variables and factors of competitive advantage change, then it would be prudent for companies to assess and respond by deploying the correct strategy.

keosha answered 2 years ago

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