This Critical Thinking Assignment focuses on how product-based firms leverage one of three specific approaches (differentiation, cost leadership, and response) to achieve a competitive advantage.
Conduct research and assess three different product-based firms. For each firm, select one of the three approaches: differentiation, cost leadership, and response. Describe the successful and weak aspects of each approach, investigating the reaction from the competition to overtake and regain the competitive advantage.
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In your essay, for each firm/approach you choose:
- Describe the strengths and weaknesses of the approach, and investigate the reaction from the competition as it seeks to overtake and regain the competitive advantage.
- Appraise the success of the firm’s ability to use the specific approach to achieve a competitive advantage.
- Assess whether this is a short-term or long-term approach to achieve a competitive advantage.
- Evaluate the defects of this approach, and argue why the firm should alter its approach to achieve a competitive advantage.
- Discuss which approach the competition has or must implement to achieve a competitive advantage.
- Your essay must have an organizational structure that includes a strong title, followed by an introductory paragraph that generates interest and includes a thesis and mapping of what is to come. Each of the following sections, including a conclusion section, should use appropriate APA headings. Make sure that the body sections address each of the previous bullets.
- Write a 3-4-page paper, not including the required title and reference pages.
- You must support your analysis with at least two current scholarly references and the course textbook. Sources such as Wikipedia, USA Today, Fox News, or MSNBC News will not be accepted.
- Your paper must be properly cited and formatted according to the APA requirements.
Remember, a product-based business sells a physical, tangible product, while a service-based business sells a service, which has no physical or tangible product.