Porter's generic strategies, for Extending Your Business

Definition of porter’s generic strategies:

In simple terms, the Porter's generic strategies can be defined as the ways in which the company would try and pursue with their competitive advantages within the market they choose to reign.

Every company has some form of a marketing idea with which they will start with the marketing or in simpler terms, impressing their clients. Now, the strategies that further help them to build such an immensely important relation with their clients and thereby achieve success within the market of its liking can be called the Porter’s generic strategies.

Textbooks on Porter’s Generic Strategies:

Examples of Porter’s generic strategies:

Mostly one can say that there are three types of generic strategies which are low cost, focus or differentiated. Anyway, to explain the strategies further, we may draw some examples, and they are:

• To sell some product at a much lower price and to maintain the quality is the best way for a company to gain a competitive advantage. For example, if they sell a product is much below the average industry pricing; they might have a chance to gain market share. Or even if they sell their products at the average market pricing, they run the chance of gaining much more profit than what their rivals are earning at the point.
• Another great example, because of which any company would have a competitive advantage is by improving their processes of efficiencies or by maintaining the quality and yet selling their product at a much lower cost. But that is possible only if they can buy it off at a lower cost.

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