Generics strategies
Generic strategies refer to fundamental approaches that organizations adopt to achieve competitive advantage in their markets. Developed by Michael Porter, these strategies include:
- Cost Leadership: Becoming the lowest-cost producer in the industry to attract price-sensitive customers.
- Differentiation: Offering unique products or services that provide added value, allowing for premium pricing.
- Focus: Concentrating on a specific market segment, either through cost focus (serving niche markets at lower costs) or differentiation focus (offering specialized products).
By effectively implementing these strategies, companies can enhance their market position and drive growth.