Lessons for competing in the tough world of

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....