Generic strategies were used initially in the early 1980s, and seem to be even more popular today. They outline the three main strategic options open to organization that wish to achieve a sustainable competitive advantage.
Michael Porters Generic Strategies
For an organisation to obtain a sustainable competitive advantage Michael Porter suggested that they should follow either one of three generic strategies.
Strategy one: Cost Leadership.
Generic strategies: three broad strategic options that set the direction for more detailed strategic planning: cost leadership, differentiation and focus.
 See also: Market, Marketing, Strategy, Service, Consumer
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