Porter (1996) asserts that ‘competitive strategy is about being different. It means deliberately
choosing a different set of activities to deliver a unique mix of value’. Markides (1999) argues that the essence of strategy is for an organisation to select one strategic position that it can claim as its own. Strategic position represents a company’s answers to the following questions.
- Who should the company target as customers?
- What product or services should the company offer the targeted customers?
- How can the company do this efficiently?
- SWOT analysis.
- PEST analysis.
- Understanding the competitive environments.
- Identifying Porter’s five forces framework.
- Analysing and identifying value creating activities.
- A resource-based view of strategy.
- Strategy formulation
- Strategy implementation