Examine and describe the concepts of generic strategies for creating a competitive advantage.
Before a company pushes out a new product, research is done to find or validate the need for it, especially if it is a product that expands a company’s offerings. Marketing then has to determine the strategy that will enable the success of the product. Complete this essay for a chance to demonstrate your understanding of generic strategies for creating a competitive advantage. In this particular scenario, you will illustrate how generic strategies can underscore a company’s commitment to promoting high-tech electric cars in a competitive global market.
The essay for this lesson is required to be a minimum of 750 words that clearly demonstrate your understanding of the activity. Essays should have a clear introduction, thesis statement and conclusion, written in APA format (https://owl.english.purdue.edu/owl/). A minimum of three sources, at least two from the lesson, must be cited in-text and in the Reference list.
Read the following scenario and the text excerpt below.
Keegan, W. J., & Green, M. C. (2017). Global Marketing (9th ed., pp. 500-503). Boston: Pearson Education.
Apple is rumored to be introducing an electric “mobile-device” car to the global market in 2020. They have begun hiring experts and former employees from Mercedes-Benz, Tesla and Ford. Since Apple has established its brand as a forerunner of technology, consumers and pundits have high expectations of their new, anticipated product. Apple has decided to hire you to create a marketing strategy to help Apple improve its competitive performance in regard to marketing its mobile-device car.
Read and formulate responses.
Read the following points. Using what you have learned about this lesson’s objective and based on the scenario in Step 1, formulate your responses.
Define the four generic strategies: cost leadership, product differentiation, cost focus and focused differentiation.
Although there is limited information about the car being developed, we do know it is headed for a tight competition with Tesla. Assess Apple’s options in the four generic strategies in comparison with the target competitor, Tesla.
Analyze whether you will use all four strategies or just one and provide your reasoning.
Step 3: Write a paper.
Write a 750word paper that incorporates your responses to the points in Step 2 above. Please review the essay rubric prior to proceeding. Include a clear introduction, thesis statement, and conclusion.
Use these writing guidelines:
Include a cover page and a references page in addition to your required page count.
Use APA format.
Double -space text.
Use size 12 Times New Roman.
Use section headings to organize.
Include in-text citations.
Use correct spelling, grammar, sentence structure and verb tense.