Product Selection

Date: July 16, 2008
Time: 9:45 PM
Place: Kitchen

Selection, definition, and design determines whether a firm will differentiate, be a low cost leader, or have rapid response.

Say a firm wants to have rapid response, a less risky option and quicker way to introduce products to market is to have a more external development based strategy. Joint ventures can be created, alliances formed, or other developers or technologies bought.

Also, for any type of competitve advantage, critical make or buy decisions must be made. At a quick serve resturant called BRGR, employees make seasonings and sauces on site. This offers differentiation since the sauces are a special recipe.
I'm sure if BRGR wanted to be known as a cost leader, the sauces would have been bought already prepared.