Question

Three approaches to achieving competitive advantage for a business are cost leadership, differentiation, and focus. In your own words: Is it possible for a community hospital to use both a cost leadership and differentiation method with separate services in the hospital? Support your answer with rationale. (150 words minimum)

Grade will be based on length of response, extent to which the question was answered effectively, and proper use of grammar, sentence construction, and punctuation.

Answer 1

Three approaches to achieving competitive advantage for a business are cost leadership, differentiation, and focus.

A competitive advantage is what makes an entity's goods or services superior to all of a customer's other choices. The term is commonly used for businesses. The methodologies work for any association, nation, or individual in a focused environment.To make an upper hand, you must be clear about these three determinants.

1. Advantage. What is the genuine advantage your item gives? It must be something that your clients genuinely require and that offers genuine esteem. You should know your item's highlights, as well as its favorable circumstances how they advantage your clients. That implies being always mindful of new patterns that influence your item, particularly new innovation. For instance, daily papers were ease back to react to the accessibility of free news on the web. They thought individuals were eager to pay for news conveyed on a bit of paper once per day.

2. Budget market. Who are your customers? What are their needs? You've got to know exactly who buys from you, and how you can make their life better. That’s how you create demand, the driver of all economic growth. Newspapers' target market drifted to older people who weren't comfortable getting their news online.

3. Competition.. Have you distinguished your genuine rivals? That is something beyond comparable organizations or items. It incorporates whatever else your client could do to address the issue you can satisfy. Daily papers thought their opposition was different daily papers until the point when they understood it was the web. They didn't realize how to contend with a news supplier that was moment and free.

Porter outlined the three primary ways companies achieve a sustainable advantage. They are cost leadership, differentiation, and focus. Porter identified these strategies by researching companies.  

Cost leadership means organizations give sensible incentive at a lower cost. Firms do this by persistently enhancing operational productivity. That typically implies paying their specialists less. Some repay by offering elusive advantages, for example, investment opportunities, benefits or special chances. Others exploit incompetent work surpluses. As these organizations develop, they can utilize economies of scale and purchase in mass. Walmart and Costco are great precedents of cost initiative. However, once in a while they pay their specialists not exactly the average cost for basic items.

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