BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cost Leadership
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Differentiation
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Focus
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Blue Ocean
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Detailed explanation-1: -Key Points 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-2: -The blue ocean strategy is a theory that states companies can gain a competitive advantage by creating whole new markets through value innovation (so-called blue oceans) where competition doesn’t exist yet. Porter’s five forces is a model that looks at five core forces to assess the completion in a given marketplace.
Detailed explanation-3: -Michael Porter defines three strategy types that can attain a competitive advantage. These strategies are cost leadership, differentiation, and market segmentation (or focus). Cost leadership is about achieving scale economies and utilizing them to produce high volume at a low cost.
Detailed explanation-4: -(C) Focus. Was this answer helpful?