Question

What are the generic competitive strategies?

a. acquisition, licensing, venture capital investment, merger, and alliance.
b. internal development, internal venture, and reconfiguring the value chain.
c. cost leadership, differentiation, and focus.
d. re-engineering, restructuring, and quality improvement.

Answer 1

The generic competitive strategies in business are cost leadership, differentiation, and focus.

Step-by-step explanation:

The generic competitive strategies in business are:

1. Cost leadership: This strategy involves offering products or services at a lower cost than competitors. It focuses on achieving cost efficiencies and price competitiveness.
2. Differentiation: This strategy involves offering unique and distinct products or services that are valued by customers. It focuses on creating a perceived uniqueness and premium brand image.
3. Focus: This strategy involves targeting a specific market segment or niche with customized products or services. It focuses on serving the needs of a particular group of customers.

These strategies help companies gain a competitive advantage and position themselves in the market For example, a cost leader will be more resilient against price wars, a differentiated product can offer a shield against competitors due to customer loyalty, and a focus strategy can allow a firm to dominate a niche market.