Supported by Michael Porter, the guru of competitive strategy, the prestigious awards have been based on four major pillars to identify and reward the most outstanding companies for their Strategy.
Capitalizing on Industry Dynamics
It is crucial for a company to achieve sustainable competitive advantage by protecting and enhancing its distinctive characteristics.
- Identify strategic positions created by structural industry changes
- Be Adaptive and flexible to respond to these structural Industry changes to gain competitive advantage.
The increasing competition has coerced the companies to perceive new positions by performing activities altogether different from their rivals or doing similar activities in a different way. So companies should appropriately define and implement their strategic position.
- To deliver a unique value mix
- Creatively segment product varieties, customer groups and purchase occasions
Leveraging Unique Activities
Enhancing the competitiveness of a firm requires it to perform distinct set of activities with uniqueness to gain benefits and competitive advantage.
- Look for new activity configurations and combinations
- Choose activities that are difficult to imitate
Intense industry competition and rivalry can cause companies to imitate the set of activities of another company. Therefore it is essential for companies to protect themselves from repositioners and straddlers.
- Identifying tradeoffs which occur when activities of two or more competing firms are incompatible.
- Organizing the internal assets appropriately.