As we discussed in class this week, two predominant strategies companies can take is to compete on price or to compete through differentiation--being so unique at producing a good or service that they can command a price premium. Ducati differentiates. Coke and Pepsi are primarily focused on price. Thinking about what companies do to make the most money leads me to think about myself--what is my personal strategy.
If I were to be a cost leader, I would be working for as little as possible to ensure that I keep my job. While my current job in the BYU Laundry has me working for little more than minimum wage, I wouldn't be in a graduate program if I was planning on sticking with the cost leadership strategy.
Anyone who goes to college (or a great majority of them) are shelling out large sums of money to receive specific training. I'm not earning a MAcc to be a long-term pant-presser, nor am I learning how to teach children. I am learning skills that will help me in the business world, specifically the audit profession. I am trying to differentiate myself as much as possible so that my services are a must-have and companies are willing to surrender inordinate amounts of money to me to keep me happy.
If I was going for cost leadership, I'd go work in a sweatshop. Heck, I'd work for free! While that would almost certainly ensure that I was perpetually employed, it would do me no good. I want to be the Ducati of the business world, the Rolls Royce of accounting--not the Yugo or the Bic.
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