GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Lower Cost and Cost Leadership
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Lower Cost and Product Differentiation
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Focus and Cost Leadership
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Systems Thinking and Persona Mastery
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Detailed explanation-1: -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: -Porter’s Generic Strategies is a group of four categories of competitive strategy: Differentiation, Cost Leadership, Focus (Cost), Focus (Differentiation).
Detailed explanation-3: -The two basic types of competitive advantage combined with the scope of activities for which a firm seeks to achieve them, lead to three generic strategies for achieving above average performance in an industry: cost leadership, differentiation, and focus.
Detailed explanation-4: -Focus. Focus is a type of competitive strategy that emphasizes concentration on a specific regional market or buyer group: a niche. The company will either use a differentiation or cost leadership strategy, but only for a narrow target market rather than offering it industry-wide.
Detailed explanation-5: -Cost Leadership Strategy. Differentiation Strategy. Cost Focus Strategy. Differentiation Focus Strategy.