GROW YOUR BUSINESS – GET CLEAR ON YOUR PRODUCTS AND SERVICES


A useful tool for deciding how to ‘position’ your products and services is the Porter Generic Strategy Model (developed by Michael E. Porter (1998), Harvard Business School Professor and author of numerous texts on strategy).

The model suggests that businesses are most successful when they target one area of the market only. Rolls Royce, for example, goes after a niche market with a high degree of differentiation. Asda, on the other hand, goes after a total market using a low price strategy.

Where do you think these well-known companies position themselves in the market?

• Mercedes-Benz
• British Airways
• Apple
• Hyundai
• Easyjet
• John Lewis

Now, indicate which box your business currently is and where you want it to be.

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Filed under Accountancy & Tax Stuff, Business advice, Marketing

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