What is the difference between a Cost Leadership strategy and a Differentiation strategy (Porter’...
What is the difference between a Cost Leadership strategy and a Differentiation strategy (Porter’s generic strategies)?
Can both of them be used with a Focus product/market approach?
Is it possible to combine cost leadership and differentiation?
How does each strategy help a firm deal with the 5 forces?
What differences might you expect in terms of the business capabilities needed to support each strategy?
Homework Answers
Answer to Q1.
Porter generic strategy states that the business shall adapt the cost leadership, differentiation or focus strategies that shall lead them to have competitive advantage.
Difference between cost leadership and differentiation.
Cost leadership is the strategy wherein the company shall engage itself in offering low price of the product in the market than its competitor to have competitive edge over others.
While in differentiation strategy, the company offers superior quality for its product that ultimately leads to higher price for the product as the product gets differentiated by its quality.
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