How would you characterize a competitive strategy?

How would you characterize a competitive strategy?

A competitive strategy may be defined as a long-term plan of action that a company devises towards achieving a competitive advantage over its competitors after examining the strengths and weaknesses of the latter and comparing them to its own.

What is Nordstrom’s competitive advantage?

Nordstrom ranked as the consumer fashion retail industry leader in customer service quality, which proves to be a competitive advantage for Nordstrom.

Where would you place the demand faced by Nordstrom’s on the implied demand uncertainty spectrum and why?

Implied demand uncertainty is demand uncertainty due to the portion of demand that the supply chain is targeting, not the entire demand. A high-end department store chain such as Nordstrom falls on the high end of the implied demand uncertainty scale.

What are the 3 basic competitive strategies?

KEY POINTS. Michael Porter defines three strategy types that can attain a competitive advantage. These strategies are cost leadership, differentiation, and market segmentation (or focus).

What are examples of competitive strategies?

Examples of competitive strategy

• Cost leadership: Micromax smart phones and mobile phones are giving good quality products at an affordable price which contain all the features which a premium phone like Apple or Samsung offers.
• Differentiation leadership: BMW offers cars which are different from other car brands.

What is Nordstrom’s competitive strategy?

Nordstrom strengthens its competitive advantage and generic strategy through cost leadership and differentiation in order to differentiate themselves from other high end retailers. Nordstrom has consistently maintained a unique reputation from their establishment in 1901 to the today.

What is Nordstrom’s strategy How does Nordstrom differentiate itself from competitors?

Strong Strategic Partnership: Nordstrom has differentiated itself from competitors by partnering with small but strategic brands such as Top Shop, Allbirds, Greats, Reformation, Stella, Dot, and Glossier that are digitally native and direct-to-consumer.

How can Nordstrom expand the scope of the strategic fit across the supply chain?

By adopting an intercompany interfunctional scope strategy, Nordstrom will maximize supply chain surplus. Nordstrom can move in this direction by working with its suppliers as if they are actually owned by Nordstrom.

What are the 4 major competitive strategies?

4 competitive strategy are as follows:

• Cost Leadership Strategy or Low-cost strategy.
• Differentiation strategy.
• Best-cost strategy.
• Market-niche or focus strategy.

What makes Nordstrom different?

It’s a favorite retail store because of its great, unique discriminators. Consider its high-touch service, its spacious look and feel, top quality products, and personalized customer service, both on- and offline.

What makes Nordstrom a high end department store?

A high-end department store chain such as Nordstrom falls on the high end of the implied demand uncertainty scale. The fashion items that Nordstrom stocks have extremely high product margin, high forecast errors and stockout rates, and once the season is over, these items are sold at deep discounts at their Nordstrom Rack outlet stores.

What’s the competition in the supply chain today?

Competition today is supply chain versus supply chain, not company versus company, so a company’s partners in the supply chain often determine the company’s success. Wal-Mart’s strategic focus on cost is evident in their competitive, product development, supply chain, and marketing strategy.

What does scope of strategic fit mean for Nordstrom?

Scope of strategic fit refers to the functions within the firm and stages across the supply chain that devise an integrated strategy with a shared objective. By adopting an intercompany interfunctional scope strategy, Nordstrom will maximize supply chain surplus.

What makes a good supply chain for a supermarket?

The supermarket supply chain must be responsive by receiving produce quickly to ensure freshness and have a high service level. Supermarket supply chains tend to be well-established and can improve strategic fit by emphasizing speed to maintain freshness, hence perceived quality.