Final answer:
Porter’s three strategies are cost leadership, differentiation, and focus.
Step-by-step explanation:
Porter’s three strategies, also known as Porter’s Generic Strategies, are cost leadership, differentiation, and focus.
Cost leadership strategy aims to provide products or services at a lower cost than competitors while maintaining similar quality. This can be achieved through economies of scale, efficient supply chain management, or technological advancements.
Differentiation strategy involves offering unique or superior products or services that stand out from competitors. This could be achieved through branding, innovation, design, or customer service.
Focus strategy focuses on serving a specific target market or niche and tailoring products or services to meet their specific needs. This allows businesses to become experts in their chosen market segment and build a strong competitive advantage.