Porter's Generic Strategies

Porter's Generic Strategies are a framework that outlines how businesses can achieve a competitive edge. There are three main approaches: 1. **Cost Leadership**: Aiming to be the lowest-cost producer, allowing the business to offer lower prices than competitors. 2. **Differentiation**: Offering unique products or services that stand out from the competition, justifying higher prices. 3. **Focus**: Targeting a specific market segment, either through cost focus (low costs for that niche) or differentiation focus (unique offerings for that niche). These strategies help companies position themselves effectively in the marketplace.