Michael Porter Generic Strategy Homework Help
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According to Michael Porter, a firm’s strengths usually depend on two factors- differentiation and cost advantage. These two strengths led to the concept of three generic strategies. The generic strategies are also called as Porter Marketing Techniques. As mentioned in Michael Porter Generic Strategy Homework Help, there are two variants of focus strategy- differentiation focus and cost focus. Porter’s generic strategies have been explained in the following section of Michael Porter Generic Strategy Homework Help.
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Michael Porter Generic Strategies
There are three strategies under Michael Porter Generic Strategy. The different types of generic strategies explained in Michael Porter Generic Strategy Homework Help are given below
• Differentiation Strategy- Here, a company focuses on unique attributes that are valued by the buyers. It aims at creating a unique product that is valued throughout the industry. It is based on quality, after-sales, product image, additional features, durability, etc. More about differentiation strategy can be studied in Michael Porter Generic Strategy Homework Help.
• Cost leadership Strategy- It is a marketing strategy used by a firm to penetrate a target market by using the cost of company’s goods, products and services. Cost advantages can be acquired by improving process efficiencies and lowering production and operation costs.
• Focus Strategy- It is a marketing strategy in which a company divides the target market into specific sections. After the division, the company sets different marketing strategies for each section. In simple words, focus strategy breaks the target market into segments and applies both differentiation and cost leadership strategies. Advantages of focus strategy can be studied in Michael Porter Generic Strategy Homework Help.
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