Strategic planing Coursework Example | Topics and Well Written Essays - 1500 words

Strategic planing - Coursework Example A business can combine other strategies like Cost Leadership or Differentiation strategy for the focus group along with the Market Niche Strategy to maximize its sales. It can identify a market segment for its product and then try to further its edge in the limited competition within that group by either differentiating its product based on the exclusivity etc. or by creating an edge through Cost Leadership strategies for that market segment. â€Å"This strategy provides the company the possibility to charge a premium price for superior quality (differentiation focus) or by offering a low price product to a small and specialised group of buyers (cost focus).† ( Essay on Porter’s Generic Strategies) Ferrari is a very good example of a business which is employing the Niche Strategy in automobile industry along with Differentiation strategy. It has created a car which is a status symbol thus differentiating itself from other automobiles but it is only catering to a small number of customers all over the world. It is also providing a unique customer service to its client for life by picking and dropping off the cars on customer’s doorstep for maintenance and repairs. This exclusive service helps it differentiate itself even within the market niche of luxury sports cars. Vertical Integration. Is your company vertically integrated? If so, is it fully, or partially, integrated? If not, would such a move yield potentially high competitive rewards? Explain your rationale. You can also use a past firm or one with which you are familiar.( use a firm that you are familiar with) Andrew Carnegie’s steel operation in nineteenth century is a classic example of vertical Integration. As the concept of Vertical Integration means that a company controls several or all the steps in the production of a product or service to gain maximum control of that market. This concept was fully employed by Andrew Carnegie who became the steel