Comment by Fred Page on February 4, 2010 at 2:51pm
Much better content than I expected.
Comment by Timothy Hooker on September 10, 2009 at 10:17am
Although on a smaller scale than some of the mentioned companies, this certainly applies to my IT Support business. It reminds me of the importance of fine-tuning my offerings to make them unique from my competitors.
Thank you for this course. It was a useful refresh of my master's degree 12 years ago. This framework of M. Porter remains absolutely relevant today.
This however makes it a difficult challenge for newly entering entrepreneurs... I can still see a big differentiation potential with more customer-centric approaches. How come so few businesses really make it right in this area? I mean for instance badly managing customer expectations over time... overpromising to catch the fish, etc.
Thanks Jack. This is an excellent lesson in strategy. I am reading a book about strategy called "Blue Ocean Strategy" by W. Chan Kim and Renee Mauborgne that describes how to find opportunities outside of the "red ocean" of the competitive forces. Similar to the company examples you give at the end of the lesson, particularly Steve Jobs in recognizing his ipod opportunity. If an entrepreneur can go beyond competing on price and differentiation alone, then the competition will be irrelevant.
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