| Title |
A Study on Elements of CM Firms' Competitive Strategy |
| Authors |
Baek, Seung-Ryong ; Kim, Han Soo |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2013.14.5.122 |
| Keywords |
Construction Management Firms ; Competitive Strategy and Edges ; Michael Porter's Competitive Strategy Model |
| Abstract |
As the level of competition has increased in the construction management market, it becomes a critical issue for CM firms to secure competitive edges. The objective of the study is to investigate elements of competitive strategy as perceived by CM firms and to discuss key features and implications. Michael Porter's Competitive Strategy Model was used as a framework to analyse the elements under three strategy categories. A major finding includes that Differentiation Strategy is generally perceived most important strategy category but, depending on the group to which a CM firm belongs, there exist a gap in the perception. However, regardless of the group, Cost Leadership is commonly considered least important strategy category. In particular, lowest-bidding strategy element showed the least importance. Understanding CM firms' perceptions on elements of competitive strategy provides an insight into CM firms' current strategy directions and can be useful for future tuning in a firm's own strategy. |