How do the core competencies and differentiation strategies discussed in the Growth Strategy Toolbox enhance business growth?

Core competencies and differentiation strategies enhance business growth by allowing a company to stand out from its competitors. Core competencies are the unique strengths and abilities that a company possesses, which can be leveraged to provide superior value to customers. Differentiation strategies, on the other hand, involve creating a product or service that is perceived as unique in the market. By focusing on these areas, a company can create new value propositions that the competition doesn't offer, thereby attracting more customers and driving business growth.

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Features that are core competencies of the industry-standard are considered weaknesses and are ranked first. This is the red ocean, and to differentiate, these features can be eliminated or reduced. Features that the competition does not handle well are areas where your company could excel, and represent the blue ocean. These features should be raised or created to grow the company with new value propositions the competition doesn't offer. (Slide 14)

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Growth Strategy Toolbox

Has your business growth reached a plateau? Use our Growth Strategy Toolbox to test, execute, and share new growth strategies across the team. Compani...

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