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Porter's Competitive Strategy "Cost Leadership"
The competitive leadership strategy involves reducing costs to minimum values and reducing the cost of production to the lowest indicators in the industry. It will be effective if the company has the necessary resources. For example, investments, cheap raw materials and labor. It is better if the enterprise has one, and the other, and the third. In this case, it will be possible to organize the most effective process of production and distribution of the product.
By choosing this strategy, the company will have to constantly monitor the level of costs and reduce these indicators to the possible minimum. This applies to all aspects of the business. Savings will affect:
overhead costs and expenses, costs of service, personnel, advertising, distribution, R&D;
the main policy of the company, because now the course will be shifted to the regulation of reckless spending from everything else;
the work process as a whole, since employees should not only adhere to the new strategy, but also put forward their own ideas for controlling budget funds. Particularly proactive ones can be encouraged by stimulating the active work of others.
A company that has chosen such a competitive strategy in the market needs to activate the scale effect. In other words, to justify the small cost of one sold product with impressive sales volumes. Its cost will be cheaper if the excitement is large enough.