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Michael Porter's Generic Strategies
May 14, 2024
Michael Porter's Generic Strategies
Overview
Described in Michael Porter's book, "Competitive Advantage: Creating and Sustaining Superior Performance" (1985).
Four strategies for organizations to choose from:
Cost Leadership
Differentiation
Cost Focus
Differentiation Focus
Strategies
Cost Leadership
Market:
Large market or high demand
Approach:
Offering the lowest possible price
Differentiation
Market:
Large market
Approach:
Offering products or services with unique features
Cost Focus
Market:
Niche or targeted market with little competition
Approach:
Offering the lowest possible price
Differentiation Focus
Market:
Niche or targeted market
Approach:
Offering products with unique features
Hybrid Strategies
Many companies adopt a hybrid strategy integrating components from the four generic strategies.
Further Resources
Detailed explanations and resources like a 4-minute video and a practical scientific article are available on Toolshero.nl.
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