Define and discuss Porters’ Generic Strategies

Expert Solution

There are three generic strategies that businesses can make use of that can be differentiated based on the underlying assumptions of each:

LOW-COST LEADERSHIP
Employed by companies like Walmart, this strategy creates an understanding of building a supply chain around the factors of optimization where the lowest cost for a product can be offered in a market, [providing competitive abilities to a company with the necessary characteristics.

DIFFERENTIATION
Employed by companies like Ducati, whereby the customer is not just purchasing a product but an experience. The product is considered a luxury offering, priced higher than the industry and competition. The products and companies in this strategy set itself apart from the competition, often involving the high cost of development.

FOCUS
Employed by companies like Tesla, whereby the products and offer cater to a niche market where the company can then dominate through its catered approach to both market development, customer satisfaction and even low pricing.

keosha answered 2 months ago

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