BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Corporate Strategy
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Operational Strategy
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Business Strategy
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Functional Strategy
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Detailed explanation-1: -Porter called the generic strategies “Cost Leadership” (no frills), “Differentiation” (creating uniquely desirable products and services) and “Focus” (offering a specialized service in a niche market). He then subdivided the Focus strategy into two parts: “Cost Focus” and “Differentiation Focus."
Detailed explanation-2: -Cost leadership is a business-level strategy employed by companies who wish to gain a competitive advantage by being the lowest-cost producer of a service, production process, or commodity.
Detailed explanation-3: -Example of Firms Pursuing a Focused Cost Leadership Strategy Because the pizzas are baked at home rather than in the store, Papa Murphy’s is permitted to accept food stamps. This allows the firm to attract customers that might not otherwise be able to afford a restaurant-quality pizza.