BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The following are strategies in achieving competitive advantage as identified by Porter (1985) EXCEPT:
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Innovation
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Time
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Cost Leadership
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Quality
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Explanation:
Detailed explanation-1: -Porter’s Generic Strategies is a group of four categories of competitive strategy: Differentiation, Cost Leadership, Focus (Cost), Focus (Differentiation).
Detailed explanation-2: -According to Porter’s Generic Strategies model, there are three basic strategic options available to organizations for gaining competitive advantage. These are: Cost Leadership, Differentiation and Focus.
Detailed explanation-3: -Porter (1985) introduced Generic Strategies in order to help a firm to position itself in the industry. It also can create a sustainable competitive advantage to a company. Generic strategies consist of three approaches, namely cost leadership, differentiation, and focus.
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