Question

The five generic strategies were formulated by Michael Porter in 1980. His book Competitive Strategy is widely seen as the founding publication of business strategy. Most of what we treat as having significance in the field can be traced to one of Porter's publications.

Instructions

This week, reflect on your experiences with these generic strategies. Consider how they are applied in your businesses. In particular, examine successes and failures. What worked well and what did not? What were the circumstances surrounding these experiences? The goal is to develop some sense of the conditions under which each of the generic strategies might be successful or would likely fail. You will address the strategies in two separate discussions this week. Be sure to address each of the following in this discussion:

Strategy 1: Best-Cost Provider Definition: Giving customers more value for their money by incorporating good-to-excellent product attributes at a lower cost than rivals; the target is to have the lowest (best) costs and prices compared to rivals offering products with comparable attributes.

Strategy 2: Focused Differentiation Strategy Definition: Concentrating on a narrow buyer segment and outcompeting rivals by offering niche members customized attributes that meet their tastes and requirements better than rivals' products. Reflect on how the course material plays out in your organization or organizations with which you are familiar.

400 Word Minimum, no copy and paste. Original words only. APA format, list in text citations and references

Answer 1