From the course: Strategic Planning: Case Studies
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Determine how to compete
From the course: Strategic Planning: Case Studies
Determine how to compete
- Widgets Deluxe has decided to compete as a premium brand in the market. This led them to focus on product quality and brand marketing. They've decided to cultivate good relationships with suppliers, because there's little value in squeezing them on price. Instead, they took the best suppliers and locked them into exclusive agreements, which makes it harder for their biggest competitor to access high quality raw materials at a decent price. Their focus is on building strong relationships with consumers through brand and product quality. This protects them from retailer pressure because retailers can't afford not to carry their products. Their strong position with consumers allows them to charge premium prices and maintain strong margins. Those funds enable them to invest heavily in product R&D, updating manufacturing infrastructure, and in branding and marketing campaigns. But there's always some tension in the…
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