From the course: Assessing Digital Maturity
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The new sources of competitive advantage in the digital world
From the course: Assessing Digital Maturity
The new sources of competitive advantage in the digital world
- How do you gain competitive advantage over your competitors? This is an important question that every for-profit company's executives should ask themselves. Is the answer to that question that would've been provided 20 years ago still relevant? Let's have a look. The author of the seminal work on Competitive Advantage, Michael Porter of Harvard Business School, noted that the sources of competitive advantage include: cost leadership, aiming to become the lowest cost producer, differentiation focus, differentiating within one or a small number of target market segments, and differentiation leadership, targeting larger markets to gain advantage across an entire industry. These remain of interest but there's nuance that needs to be taken into consideration, bearing in mind the changes that the digital economy have wrought. It's important to bear in mind that customers have more complete and up-to-date access to information about your product and your competitor's products. Customers…
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