4G

Question 1

Porters generic strategies(n.)

Answer 1

A strategic management tool to determine whether an organisation should implement lower cost or differentiation to gain competitive advantage.

Question 2

Porters differentiation strategy

Answer 2

Porter’s differentiation strategy involves offering customers unique services or product features that are of perceived value to customers, which can then be sold at a higher price than competitors.

Question 3

Porters lower cost strategy

Answer 3

Porter’s lower cost strategy involves a business offering customers similar or lower-priced products compared to the industry average, while remaining profitable by achieving the lowest cost of operations among competitors.