This Element is an excerpt from Competing in Tough Times: Business Lessons from L.L. Bean, Trader Joe's, Costco, and Other World-Class Retailers (9780132459198) by Barry Berman. Available in print and digital formats.

How retailers can gain deeper insights into their true position--and choose the right strategies for a marketplace that won't get any easier.

According to Porter, the least-defensible competitive strategy is being "stuck in the middle." These retailers offer no long-term benefit in terms of either low prices or strong differentiation. The first part of addressing this is to recognize your true--not ideal--marketplace positioning. Next, how can you determine whether a cost, value, or differentiation strategy is most suitable....

Auteur

Dr. Barry Berman is Walter 'Bud' Miller Distinguished Professor of Business and Director of the Executive M.B.A. program at Hofstra University. He is co-author of Retail Management: A Strategic Approach (Prentice Hall), now in its 11th edition, and the world's best-selling retail management college textbook. He has consulted for Duane-Reade, Fortunoff's, Kohl's, Simon Properties, NCR, Lord & Taylor, Tesco-Ireland, and other retailers. Currently Vice President of the American Collegiate Retailing Association, he also co-founded the American Marketing Association's Special Interest Group in Retail Management.