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a business predict future unit costs and gives a signal when costs fail to
drop at the historic rate； both vital pieces of information for firms pursuing
a cost leadership strategy。 Every industry has a different experience curve
that itself varies over time。 You can find out more about how to calculate the
Total lifetime units produced Cost per unit
2 4 8 16
10
8
6
Figure 12。1 The experience curve
266 The Thirty…Day MBA
curve for your industry on the Management And Accounting Web （h。。p：//
maaw。info/LearningCurveSummary。htm）； and the National Aeronautics
and Space Agency （h。。p：//cost。jsc。nasa。gov/learn。html） provides a Learning
Curve Calculator。
DIFFERENTIATION
The key to differentiation is a deep understanding of what customers really
want and need and； more importantly； what they are prepared to pay more
for。 Apple’s opening strategy was based around a ‘fun’ operating system
based on icons； rather than the dull MS…DOS。 This belief was based on its
understanding that puter users were mostly young and wanted an intuitive
mand system； and the ‘graphical user interface’ delivered just that。
Apple has continued its differentiation strategy； but has added design and
fashion to ease of control in order to increase the ways in which it delivers
extra value。 Sony and BMW are also examples of differentiators。 Both have
distinctive and desirable differences in their products and neither they nor
Apple offers the lowest price in their respective industries； customers are
willing to pay extra for the idiosyncratic and prized differences embedded
in their products。
Differentiation doesn’t have to be confined to just the marketing arena；
nor does it always lead to success if the subject of that differentiation goes
out of fashion without much warning。 Northern Rock； the failed bank that
had to be nationalized to stay in business； thought its strategy of raising
most of the money it lent out in mortgages through the money markets was
a sure winner。 It allowed the bank to grow faster than its petitors； who
placed more reliance on depositors for their funds。 As long as interest rates
were low and the money market functioned smoothly； it worked。 But once
the differentiators that fuelled its growth were reversed； its business model
failed。
FOCUS
Focused strategy involves concentrating on serving a particular market or a
defined geographic region。 IKEA； for example； targets young； white…collar
workers as its prime customer segment； selling through 235 stores in more
than 30 countries。 Ingvar Kamprad； an entrepreneur from the Sm。land
province in southern Sweden； who founded the business in the late 1940s；
offers home furnishing products of good function and design at prices
young people can afford。 He achieves this by using simple cost…cu。。ing
solutions that do not affect the quality of products。
Warren Buffe。。； the world’s richest man； who knows a thing or two about
focus； bined with Mars to buy US chewing gum manufacturer Wrigley
Strategy 267
for 23bn （￡11。6bn） in May 2008。 Chicago…based Wrigley； which launched
its Spearmint and Juicy Fruit gums in the 1890s； has specialized in chewing
gum ever since and consistently outperformed its more diversified petitors。
Wrigley is the only major consumer products pany to grow
fortably faster than the population in its markets and above the rate of
inflation。 Over the past decade or so； for example； other consumer products
panies have diversified。 Gille。。e moved into ba。。eries； used to drive
many of its products； by acquiring Duracell。 Nestlé bought Ralston Purina；
Dreyer’s； Ice Cream Partners and Chef America。 Both have trailed Wrigley’s
performance。
Businesses o。。en lose their focus over time and periodically have to rediscover
their core strategic purpose。 Procter & Gamble is an example of a
business that had to refocus to cure weak growth。 In 2000； the pany was
losing share in seven of its top nine categories； and had lowered earnings
expectations four times in two quarters。 This prompted the pany to
restructure and refocus on its core business： big brands； big customers and
big countries。 They sold off non…core businesses； establishing five global
business units with a closely focused product portfolio。
First…to…market fallacy
Gaining ‘first mover advantage’ are words used like a mantra to justify high
expenditure and a headlong rush into new strategic areas。 This concept is
one of the most enduring in business theory and practice。 Entrepreneurs
and established giants are always in a race to be first。 Research from the
1980s that shows that market pioneers have enduring advantages in distribution；
product…line breadth； product quality and； especially； market
share underscores this principle。
Beguiling though the theory of first mover advantage is； it is probably
wrong。 Gerard Tellis； of the University of Southern California； and Peter
Golder； of New York University’s Stern Business School； argued in their
book Will and Vision： How Lateers Grow to Dominate Markets （2001；
McGraw…Hill Inc。； United States） and subsequent research that previous
studies on the subject were deeply flawed。 In the first instance； earlier
studies were based on surveys of surviving panies and brands；
excluding all the pioneers that failed。 This helps some panies to
look as though they were first to market even when they were not。
Procter & Gamble （P&G） boasts that it created America’s disposablenappy
（diaper） business。 In fact a pany called Chux launched its
product a quarter of a century before P&G entered the market in 1961。
Also； the questions used to gather much of the data in earlier research were
at best ambiguous； and perhaps dangerously so。 For example； the term；
‘one of the pioneers in first developing such products or services；’ was
used as a proxy for ‘first to market’。 The authors emphasize their point by
268 The Thirty…Day MBA
listing popular misconceptions of who were the real pioneers across the
66 markets they analysed。 Online book sales – Amazon （wrong）； Books。
（right） – Copiers； Xerox （wrong）； IBM