P3G Flashcards
1
Q
What are Porters 3 generic strategies?
A
1) Cost Leadership
2) Differentiation
3) Focus strategy
2
Q
What is a Cost Leadership Strategy?
A
A strategy that seeks to assume the position of the lowest cost producer
3
Q
What is a Differentiation strategy?
A
A strategy that seeks to assume a competitive advantage through a particular characteristic of the firms product. (I.e Quality)
4
Q
What is a Focus strategy?
A
A strategy where the firm concentrates its attention on one or more particular segments in the market
