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Strategic Management: Strategic Managment
Gregory G. Dess, University of Texas at Dallas
G.T. Lumpkin, University of Illinois--Chicago
Business-Level Strategy: Creating and Sustaining Competitive Advantages

Chapter Objectives

Chapter 5
After reading this chapter, you should have a good understanding of:
  • The central role of competitive advantage in the study of strategic management.
  • The three generic strategies: overall cost leadership, differentiation, and focus.
  • How the successful attainment of generic strategies can improve a firm’s relative power vis-à-vis the five forces that determine an industry’s average profitability.
  • The pitfalls managers must avoid in striving to attain generic strategies.
  • How firms can effectively combine the generic strategies of overall cost leadership and differentiation.
  • The importance of considering the industry life cycle to determine a firm’s business-level strategy and its relative emphasis on functional area strategies and value-creating activities.






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