Final answer:
Overall Cost Leadership strategy focuses on being the lowest-cost producer, emphasizing operations and supply chain management. The Differentiation strategy relies on offering unique products or services, with product development and marketing and sales as key value chain activities.
Step-by-step explanation:
The Overall Cost Leadership strategy is a competitive approach where a company aims to become the lowest-cost producer in its industry, thereby offering products or services at a price lower than its competitors. Companies pursuing this strategy often focus on improving operational efficiencies and scale economies. Two primary value chain activities that typically play a key role in this strategy are operations (managing production or service delivery in the most cost-effective manner) and supply chain management (minimizing procurement costs). In contrast, a Differentiation strategy involves offering unique products or services that customers perceive as superior or distinct from those of competitors. This strategy often relies on innovation, brand marketing, and customer service. Examples of value chain activities central to differentiation include product development (creating innovative products that stand out in the market) and marketing and sales (promoting the unique aspects of the product to create a strong brand).