What are the 5 sources of competitive advantage?
Sources of Competitive Advantage
- Product Attribute Differentiation. One way to gain an advantage over competitors is by differentiating your product from theirs.
- Customers’ Willingness to Pay.
- Price Discrimination.
- Bundled Pricing.
- Human Capital.
What are Porter’s generic competitive strategies?
Porter called the generic strategies “Cost Leadership” (no frills), “Differentiation” (creating uniquely desirable products and services) and “Focus” (offering a specialized service in a niche market).
What are the 3 generic strategies?
Definition: Michael Porter developed three generic strategies, that a company could use to gain competitive advantage, back in 1980. These three are: cost leadership, differentiation and focus.
How many types of generic competitive strategies are there?
4 Types of Generic Strategies Cost Leadership Strategy. Differentiation Strategy. Broad Differentiation Strategy. Focused Differentiation Strategy.
What are the 5 P’s of strategy?
Each of the 5 Ps stands for a different approach to strategy:
- Plan.
- Ploy.
- Pattern.
- Position.
- Perspective.
What are the four generic growth strategies?
Four generic business-level strategies emerge from these decisions: (1) cost leadership, (2) differentiation, (3) focused cost leadership, and (4) focused differentiation.
What are the three basic business strategies?
Practically speaking, only three basic business strategies exist: a cost strategy, a differentiated product or service strategy, and a focus on a niche strategy. Understanding these strategies is critical to writing a good strategic business plan.
What are three major types of business level strategies?
Types of Business Level Strategy – 3 Main Types: Cost Leadership, Differentiation and Focus Strategies
- Cost Leadership Strategy:
- Differentiation Strategy:
- Focus Strategy:
What are the 3 strategies?
Three Types of Strategy
- Business strategy.
- Operational strategy.
- Transformational strategy.