Michael Porter’s Generic Strategies

Michael Porter’s Generic Strategies are ways a business can compete successfully in the market. There are three main strategies: 1. Cost Leadership – offering products or services at the lowest price by being efficient. 2. Differentiation – providing unique or high-quality products that stand out. 3. Focus – concentrating on a specific market niche, either by being the lowest-cost provider within that niche or by offering unique products tailored to that group. These strategies help companies define their competitive approach and target customers effectively, ensuring they can sustain a competitive advantage.