Generic strategies are basic approaches to obtaining a competitive advantage in the business market. They were first proposed by Michael Porter in 1980 and include cost leadership, differentiation, and focus. Cost leadership aims at becoming the lowest cost producer in the industry, differentiation involves making your products or services unique, and focus strategy targets a specific, narrow part of the market. These strategies can significantly impact business growth by improving profitability, increasing market share, and enhancing customer loyalty.
Follow up to the first part of our Business Strategies and Frameworks compilation, part 2 offers you...
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