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QUESTION
Porter’s Generic Competitive Strategies
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APA |
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Answer
Porter’s generic strategies are ways of gaining competitive advantages, whereby every organization needs more customer so they gather the information, get the sales and take away from the competitors unclear sentence. Generic strategies help organization to come up with different competitive forces which are better than other organizations. This paper identifies and evaluates the three competitive strategies identified by Porter. These strategies are cost leadership strategy, differentiation strategy, and focus strategy.
- Cost Leadership Strategy
Cost leadership is all about being the leader in terms of cost in the organization or market by making sure that the industry is amongst lowest cost producer unclear sentence. The industry (I think you are confusing the terms industry and business. The two terms are different. An industry refers to a collection of businesses or companies. On the other hand, a business is a single entity) make sure it sells its product either at average to earn a profit higher than that of arrivals. It target the broad markets but the companies that achieve cost leadership they usually access capital needed to invest in technology and low cost in labor and materials which are cutting cost.
- Differentiation Strategy
Differentiation strategy describes a situation where by an organization has unique products that are valued by the buyers. When a company has different product from other companies it adds advantage because the customers value the product, even if they are expensive the buyers just buy them. The product is rewarded for its uniqueness but every company before starting a business make sure the ideal is different from competitors unclear sentense.
- Focus Strategy
Companies need to achieve their goals by making right decision where by the company come up with the product that is unique. The company puts all efforts to that product by making sure they serve their customer in the market differently and build strong brand loyalty amongst their customers. Whether the companies uses cost focus or differentiation focus its does not matter, but the key role is come up with a success generic strategy to make sure to add something extra on the product.
References
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Linton, G, Kask, J (2017). Configurations of entrepreneurial Orientation and competitive strategy for high performance, journal of business research 70, 168, 176. Kindly refer to previous training on how to do this. It seems you keep missing the point on how to indent and how to Italicize the journal sources.
Same for this reference
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