Question

The five generic types of competitive strategies include

a. offensive strategies, best-cost provider, defensive strategies, differentiation strategies, and low-cost strategies.
b. low-cost provider, broad differentiation, focused low-cost, focused differentiation, and best-cost provider.
c. offensive strategies, defensive strategies, low-price strategies, technological leadership strategies, and product innovation strategies.
d. low-price strategies, premium price strategies, middle-of-the-road strategies, best-cost provider, and market share leadership strategies. e. attacking competitor strengths, broad differentiation, attacking competitor weaknesses, market leadership strategies, and product superiority strategies.

Answer 1

The correct answer is B) low-cost provider strategies, broad differentiation strategies, best-cost provider strategies.

Step-by-step explanation:

A competitive advantage allows one company to produce or sell goods more effectively than another company. For that reason, entrepreneurs always try to develop competitive strategies that help them maintain that advantage.

According to researcher researcher Michael E. Porter, there are at least four types of competitive strategies: differentiation, cost leader, low cost approach, and low cost differentiation. Each entrepreneur can use one of these standard strategies or develop his own strategy since flexibility is an important characteristic of competitive strategies, although the reality is that most companies use one of these four generic strategies.