Sean
Porter’s generic strategies describe how a company pursues competitive advantage.
The generic strategies have two dimensions to them, competitive advantage and market scope. There are two forms of competitive advantage, either having lower costs than its competition or by differentiating its product(s) from its competition to command a higher price. A company also chooses one of two types of market scope, either focus/niche (offering its products to selected segments of the market) or industry-wide, offering its product across many market segments.
A companies generic strategy reflects the choices made regarding both the type of competitive advantage and the market scope.
Reference: https://en.wikipedia.org/wiki/Porter%27s_generic_strategies
For more detail, see the linked YouTube video on Porter’s Generic Strategies for a Competitive Advantage – Simplest explanation ever with relevant examples…
