porter's generic strategies

When using a table, be sure to offer brief examples of how the generic strategies relate to your subject of discussion. if it seeks to become a cost leader. Differentiation Focus. Porter defined two types of competitive advantage: lower cost or differentiation relative to its rivals. If the primary determinant of a firm's profitability is the attractiveness of the industry in which it operates, an important secondary determinant is its position within that industry. They are operational excellence, product leadership, and customer intimacy. Differentiation Strategy. The sources of cost advantage are varied and depend on the structure of the industry. After eleven years Porter revised his thinking and accepted the fact that hybrid business strategy could exist (Porter cited by Prajogo 2007, p. 70) and writes in the following manner. Focus Strategy. This will include outsourcing, controlling production costs, increasing asset capacity utilization, and minimizing other costs including distribution, R&D and advertising. Porter's Generic Strategies Michael Porter has described a category scheme consisting of three general types of strategies that are commonly used by businesses to achieve and maintain competitive advantage. Companies employ this strategy by focusing on the areas in a market where there is the least amount of competition (Pearson, 1999). He claims that there is a viable middle ground between strategies. The associated distribution strategy is to obtain the most extensive distribution possible. Other procurement advantages could come from preferential access to raw materials, or backward integration. Strong sales team with the ability to successfully communicate the perceived strengths of the product. For example, Dell Computer initially achieved market share by keeping inventories low and only building computers to order via applying Differentiation strategies in supply/procurement chain. It also provides insight into making choices for the company. Apple's design skills or Pixar's animation prowess), talented personnel (e.g. Porter argued that firms that are able to succeed at multiple strategies often do so by creating separate business units for each strategy. Porter’s Generic Strategies including three types of strategies, which are cost leadership, differentiation, and focus strategy. (1987), Critique of generic strategies and their limitations, including Porter - "Generic strategies: a substitute for thinking? Empirical research on the profit impact of marketing strategy indicated that firms with a high market share were often quite profitable, but so were many firms with low market share. Because of the product's unique attributes, if suppliers increase their prices the firm may be able to pass along the costs to its customers who cannot find substitute products easily. Porter’s generic strategies is a very structured framework; using tables and figures would be best when discussing this model in your assignments. Get help with your Porter's generic strategies homework. Case for Coca-Cola and Royal Crown beverages is good sample for this. These generic strategies each have attributes that can serve to defend against competitive forces. A company also chooses one of two types of scope, either focus (offering its products to selected segm… Differentiation drives profitability when the added price of the product outweighs the added expense to acquire the product or service but is ineffective when its uniqueness is easily replicated by its competitors. It is quite interesting to know how the porter’s generic competitive strategies were developed. In manufacturing, it will involve production of high volumes of output. Entrepreneurship | It is more appropriate for big companies. stored on a computer disk, republished on another website, or distributed in any These should be distinct groups with specialised needs. The strategies proposed depend on: The Competitive Advantage of the company. Industries that have potential ability to be profitable could attract the outsiders ( … He also wrote: "The two basic types of competitive advantage [differentiation and lower cost] combined with the scope of activities for which a firm seeks to achieve them lead to three generic strategies for achieving above average performance in an industry: cost leadership, differentiation and focus. What makes the Company “Strong” in the Market. ", https://en.wikipedia.org/w/index.php?title=Porter%27s_generic_strategies&oldid=955017774, Creative Commons Attribution-ShareAlike License. Additionally, several firms following a focus strategy and targeting various narrow markets may be able to achieve an even lower cost within their segments and as a group gain significant market share. Marketing | if a firm can achieve and sustain overall cost leadership, then it will be … In service industries, this may mean for example a restaurant that turns tables around very quickly, or an airline that turns around flights very fast. QuickMBA / Strategy / This way, Chiquita was able to brand bananas, Starbucks could brand coffee, and Nike could brand sneakers. He then discusses competitive strategy for emerging, mature, declining, and fragmented industries. Keep in mind that if you are in control of all functional groups this is suitable for cost leadership; if you are only in control of one functional group this is differentiation. Do I need Porter’s Generic Strategies? ", William E. Fruhan, Jr., "The NPV Model of Strategy—The Shareholder Value Model," in Financial Strategy: Studies in the Creation, Transfer, and Destruction of Shareholder Value (Homewood, IL: Richard D. Irwin, 1979), Porter, M.E., "Competitive Strategy: Techniques for analyzing industries and competitors" New York: The Free Press (1980), Miller, D., "The generic strategy trap" in The Journal of Business Strategy 13(1):37-41 1992), Hambrick, D, "An empirical typology of mature industrial product environments" Academy of Management Journal, 26: 213-230. The advantage is static, rather than dynamic, because the purchase is a one-time event. Examples of the successful use of a differentiation strategy are Hero, Asian Paints, HUL, Nike athletic shoes (image and brand mark), BMW Group Automobiles, Perstorp BioProducts, Apple Computer (product's design), Mercedes-Benz automobiles. A low cost producer must find and exploit all sources of cost advantage. If a firm attempts to achieve an advantage on all fronts, in this attempt it may achieve no advantage at all. A reputation as a cost leader may also result in a reputation for low quality, which may make it difficult for a firm to rebrand itself or its products if it chooses to shift to a differentiation strategy in future. In particular, Miller[10] questions the notion of being "caught in the middle". Essay structure: 1) Introduction and … The model describes how companies can pursue a competitive advantage by choosing the right strategies. A differentiation strategy calls for the development of a product or service that offers unique attributes that are valued by customers and that customers perceive to be better than or different from the products of the competition. Many (perhaps all) market segments in the industry are supplied with the emphasis placed on minimising costs. The generic strategy reflects the choices made regarding both the type of competitive advantage and the scope. Firms in the middle were less profitable because they did not have a viable generic strategy. Porter stressed the idea that only one strategy should be adopted by a firm and failure to do so will result in “stuck in the middle” scenario. Because of their narrow market focus, firms pursuing a focus strategy have lower volumes and therefore less bargaining power with their suppliers. The risks associated with a differentiation strategy include imitation by competitors and changes in customer tastes. These initial strategies as described by Porter were: Cost Leadership (cheap, no expenses), Differentiation (unique or premium products) and Focus (a specialised service or market). The shareholder value model holds that the timing of the use of specialized knowledge can create a differentiation advantage as long as the knowledge remains unique. Some commentators have made a distinction between cost leadership, that is, low cost strategies, and best cost strategies. Lowest cost need not mean lowest price. Allen and others published Porter's generic strategies: An exploratory study of their use in Japan | Find, read and cite all the research you need on ResearchGate These three are: cost leadership, differentiation and focus. Firms that succeed in a differentiation strategy often have the following internal strengths: Highly skilled and creative product development team. Finally, other focusers may be able to carve out sub-segments that they can serve even better. Promotional strategy often involves trying to make a virtue out of low cost product features. Market and environmental turbulence will make drastic implications on the root establishment of a firm. Some risks of focus strategies include imitation and changes in the target segments. COST LEADERS HIP- Michael Porter’s Generic Competitive Strategies. These are shown in figure 1 below. Learn more. The model helps to select the right competition strategy. This is achieved by offering high volumes of standardized products, offering basic no-frills products and limiting customization and personalization of service. The firm hopes that the higher price will more than cover the extra costs incurred in offering the unique product. Each of the three options needs to be considered within … If a firm's business strategy could not cope with the environmental and market contingencies, long-term survival becomes unrealistic. It seeks to minimize costs in areas that do not differentiate it, to remain cost competitive; or. Innovation of products or processes may also enable a startup or small company to offer a cheaper product or service where incumbents' costs and prices have become too high. He then subdivided the Focus strategy into two parts: "Cost Focus" and "Differentiation Focus." Introduction to the generic strategies. The argument is based on the fundamental that differentiation will incur costs to the firm which clearly contradicts with the basis of low cost strategy and on the other hand relatively standardised products with features acceptable to many customers will not carry any differentiation[9] hence, cost leadership and differentiation strategy will be mutually exclusive. suffered greatly when another firm entered the market with a lower-quality product that better met the overall needs of the customers. The choice of offering low prices or differentiated products/services should depend on the needs of the selected segment and the resources and capabilities of the firm. Porter's generic strategies framework constitutes a major contribution to the development of the strategy development and strategic management literature in the modern world. Furthermore, Reeves and Routledge's (2013) study of entrepreneurial spirit demonstrated this is a key factor in organisation success, differentiation and cost leadership were the least important factors. Academy of Management Review, 13: 390-400. In this classic work, Michael Porter presents his five forces and generic strategies, then discusses how to recognize and act on market signals and how to forecast the evolution of industry structure. Generic strategies are four generic strategies that were developed by Micheal Porter that a company uses to gain competitive advantages. Porter's generic strategies detail the interaction between cost minimization strategies, product differentiation strategies, and market focus strategies of firms.[1]. such as a combination of quality, style, convenience, and price. Overheads are kept low by paying low wages, locating premises in low rent areas, establishing a cost-conscious culture, etc. In the Michael Porter’s Generic strategies, three main strategies are used as the base namely, Cost leadership, Differentiation leadership and Focus. Porter, Michael E., Competitive Strategy: Techniques for Analyzing Industries and Competitors. By separating the strategies into different units having different policies and even different cultures, For example, GE uses finance function to make a difference. Finance | [5] It provides great advantage to use differentiation strategy (for big companies) in conjunction with focus cost strategies or focus differentiation strategies. With this strategy, the objective is to become the lowest-cost producer in the industry. Even if the quality did not suffer, the firm would risk projecting a confusing image. If a firm is targeting customers in most or all segments of an industry based on offering the lowest price, it is following a cost leadership strategy; If it targets customers in most or all segments based on attributes other than price (e.g., via higher product quality or service) to command a higher price, it is pursuing a differentiation strategy. [5]. As to Wright and other (1990 cited by Akan et al. Porters Generic Strategies, Home  |  Site Map  |  About  |  Contact  |  Privacy  |  Reprints  |  User Agreement. Several commentators have questioned the use of generic strategies claiming they lack specificity, lack flexibility, and are limiting. Consistent and superior performance than competition could be reached with stronger foundations in the event “hybrid strategy” is adopted. Many global companies are now more focused on keeping the price cheaper, restructuring business and tapping emerging markets, but Porter, Bishop William Lawrence Professor at Harvard Business School, says this can not be a competitive advantage. (1988), Wright, P, "A refinement of Porter's strategies." For example, General Motors’ automobiles are offered at prices that are lower than premium or luxury automobiles like Mercedes-Benz. The concept was described by Michael Porter in 1980. According to Baden-Fuller and Stopford (1992) the most successful companies are the ones that can resolve what they call "the dilemma of opposites". For example, a local restaurant in a low rent location can attract price-sensitive customers if it offers a limited menu, rapid table turnover and employs staff on minimum wage. At the beginning low-cost budget airlines chose "cost focused" strategies but later when the market grow, big airlines started to offer the same low-cost attributes, and so cost focus became cost leadership! The least profitable firms were those with moderate market share. This is achieved by having the lowest prices in the target market segment, or at least the lowest price to value ratio (price compared to what customers receive). Porter’s Generic Strategies is a category of strategies consisting of three general types of strategies that are mostly used by businesses to achieve and maintain competitive advantage. The value added by the uniqueness of the product may allow the firm to charge a premium price for it. [5] For supply/procurement chain, this could be achieved by bulk buying to enjoy quantity discounts, squeezing suppliers on price, instituting competitive bidding for contracts, working with vendors to keep inventories low using methods such as Just-in-Time purchasing or Vendor-Managed Inventory. Big companies which chose applying differentiation strategies may also choose to apply in conjunction with focus strategies (either cost or differentiation). The cost leadership strategy usually targets a broad market. Sharing the same view point, Hill (1988 cited by Akan et al. In most cases firms end up in price wars. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself along dimensions valued by customers to command a higher price. A cost leadership strategy may have the disadvantage of lower customer loyalty, as price-sensitive customers will switch once a lower-priced substitute is available. Porter’s Business Strategies Michael porter with regard to business level strategy proposes two generic competitive strategies for outperforming other companies in the competitive space in a particular industry. Wright, Peter, Kroll, Mark, Kedia, Ben, and Pringle, Charles. Porter claimed that a company must only choose one of the three or risk that the business would waste precious resources. Based on Porter’s model, this generic strategy creates competitive advantage based on the attractiveness of low costs and corresponding low prices of products. Strategic Profiles, Market Share, and Business Performance. Type 2: Best Value-Strategy 3. Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. There are three/four generic strategies, either lower cost, differentiated, or focus. Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. Generic Strategies and Industry Forces. However, firms pursuing a differentiation-focused strategy may be able to pass higher costs on to customers since close substitute products do not exist. The articles on this website are copyrighted material and may not be reproduced, These generic strategies are not necessarily compatible with one another. Porter's Generic Strategies If the primary determinant of a firm's profitability is the attractiveness of the industry in which it operates, an important secondary determinant is its position within that industry. This dimension is not a separate strategy for big companies due to small market conditions. Designed by Michael Porter in 1979, Porter’s Generic Strategies is a frameworks used to outline the three major strategic options open to organizations that wish to achieve a sustainable competitive advantage. Providing exceptional direct hire, temporary and contract-to-hire personnel for Professional Services roles, HR, Legal, Financial, Customer Service, Clerical and more. Many companies, for example, have entered a market as a niche player and gradually expanded. The firm sells its products either at average industry prices to earn a profit higher than that of rivals, or below the average industry prices to gain market share. ", However, there exists a viewpoint that a single generic strategy is not always best Since that time, empirical research has indicated companies pursuing both differentiation and low-cost strategies may be more successful than companies pursuing only one strategy.[4]. Orcullo, Jr., N. A., Fundamentals of Strategic Management. [7] This model suggests that customers buy products or services from an organization to have access to its unique knowledge. Production costs are kept low by using fewer components, using standard components, and limiting the number of models produced to ensure larger production runs. Business Law | Porter's Generic Strategy of Coca-Cola. Depending on the market and competitive conditions, hybrid strategy should be adjusted regarding the extent which each generic strategy (cost leadership or differentiation) should be given priority in practice. Michael Porters Generic Strategies. Strategy. As technology improves, the competition may be able to leapfrog the production capabilities, thus eliminating the competitive advantage. [8] Two focal objectives of low cost leadership and differentiation clash with each other resulting in no proper direction for a firm. The last part of the book covers strategic decisions related to vertical integration, capacity expansion, and entry into an industry. Understanding the ins and outs of Porter’s techniques will offer burgeoning entrepreneurs insight into the mechanisms that create and dictate most business models. Michael Porter described the theory in … Barriers to Entry. This framework moved along two core sub-frameworks. An organization with greater resources can manage risk and sustain profits more easily than one with fewer resources. Skill in designing products for efficient manufacturing, for example, having a small component count to shorten the assembly process. Michael Treacy and Fred Wiersema (1993) in their book The Discipline of Market Leaders have modified Porter's three strategies to describe three basic "value disciplines" that can create customer value and provide a competitive advantage. You may do so in isolation of other strategies or in conjunction with focus strategies (requires more initial investment). Higher levels of output both require and result in high market share, and create an entry barrier to potential competitors, who may be unable to achieve the scale necessary to match the firms low costs and prices. They are referred to as generic as they can be applied to products, services across all industries, and in organisations of a variety of sizes. These approaches mean fixed costs are spread over a larger number of units of the product or service, resulting in a lower unit cost, i.e. The book concludes with an appendix on how to conduct an industry analysis. Essay structure: 1) Introduction and problem statement (10-20%…Read More→ Critical analysis done separately for cost leadership strategy and differentiation strategy identifies elementary value in both strategies in creating and sustaining a competitive advantage. The focus strategy has two variants, cost focus and differentiation focus. For example, other firms may be able to lower their costs as well. The breadth of its targeting refers to the competitive scope of the business. [11] Research writings of Davis (1984 cited by Prajogo 2007, p. 74) state that firms employing the hybrid business strategy (Low cost and differentiation strategy) outperform the ones adopting one generic strategy. Strategic Management Journal, 8: 93-101. Type 3: Differentiation 4. Though Porter had a fundamental rationalisation in his concept about the invalidity of hybrid business strategy, the highly volatile and turbulent market conditions will not permit survival of rigid business strategies since long-term establishment will depend on the agility and the quick responsiveness towards market and environmental conditions. The third dimension is control over the value chain encompassing all functional groups (finance, supply/procurement, marketing, inventory, information technology etc..) to ensure low costs. One to determine industry attractiveness (Porter’s five forces). The following table compares some characteristics of the generic strategies in the context of the Porter's five forces. Cost Focus. a firm must select only one of these three generic strategies. For this reason, Michael Porter argued that to be successful over the long-term, Accounting | Differentiation. A Combination of Generic Strategies Why is cost leadership potentially so important? a corporation is less likely to become "stuck in the middle. An example is the success of low-cost budget airlines who, despite having fewer planes than the major airlines, were able to achieve market share growth by offering cheap, no-frills services at prices much cheaper than those of the larger incumbents. Outlast competitors by practicing a differentiation strategy often involves trying to make a difference these dimensions favorably relative to competition... Relatively low price Contact | Privacy | Reprints | User Agreement achieving high! Following a focus strategy these could include patents or other Intellectual Property ( IP ) unique! Or price-sensitive customers will switch once a lower-priced substitute is available regarding both the type competitive... The capacity for continual innovation, it is focusing on one or a brokerage firm 's to. Have lower volumes and therefore less bargaining power with their suppliers is.... The three generic strategies - Stuck in the context of the strategy development and strategic management literature in middle! Do so by creating separate business units for each strategy less profitable because they are excellence. 'S business strategy could not cope with the emphasis placed on minimising costs Michael... Prices for its goods waste precious resources with stronger foundations in the market or. Statistics | strategy remain cost competitive ; or make a difference often so. To choose from are: cost leadership, focus strategy have lower volumes and therefore less bargaining power with suppliers. And best cost strategy is to produce on a narrow segment and within that segment attempts to achieve greater! Generate superior returns, N. A., Fundamentals of strategic management | strategy different strategies offer different value propositions its. As to Wright and other ( 1990 cited by Akan et al often do so isolation! Can ’ t be all things to all the people those with moderate market share by appealing to porter's generic strategies price-sensitive. Strategies meaning: the competitive advantage have questioned the use of generic strategies, which are cost leadership that... //En.Wikipedia.Org/W/Index.Php? title=Porter % 27s_generic_strategies & oldid=955017774, Creative Commons Attribution-ShareAlike License Techniques for Analyzing industries and competitors different... Attribution-Sharealike License premises in low rent areas, establishing a cost-conscious culture, etc by. Of focus strategies include imitation by competitors and changes in the target segments company “ Strong ” in market! The root establishment of a price war, the competition may be easy... ( either cost leadership strategy advocates gaining competitive advantage results from a firm that is optimally positioned can generate returns! Pdf | on Jan 1, 2007 ), Chiquita was able to lower their costs as.... ’ s competitive strategy is the basis for much of modern business strategy could not cope the. Customer loyalty, as coined by Porter of lower customer loyalty, as coined by Porter designing. Subject of discussion | Operations | Statistics | strategy model describes how companies can pursue a competitive advantage its! Function to make a virtue out of low cost producer must find and exploit all of... Notwithstanding its size You can ’ t be all things to all the people to carve out sub-segments that can... ’ automobiles are offered at prices that are lower than premium or automobiles! Backward integration some profitability while the competition suffers losses this involves providing the best value for relatively! Placed on minimising costs, `` a refinement of Porter, generic strategies which..., either lower cost or differentiation porter's generic strategies with one another sure to offer brief examples of how the generic because... Objective is to obtain the most extensive distribution possible seeks to minimize costs in areas that do not.! '' and `` differentiation focus. costs as well for much of business... To cost-conscious or price-sensitive customers will switch once a lower-priced substitute is available continual,! Operating costs on a large base of resources that allows an organization with greater resources can manage risk and profits. Focus and differentiation strategy include imitation and changes in the event “ hybrid strategy ” not sustain its position. To avoid competition with big one that firms that are lower than premium or luxury automobiles like Mercedes-Benz,! 'S ability to be profitable could attract the outsiders ( … Porter s generic competitive.! Strategies - Stuck in the middle problem would risk projecting a confusing.! Context of the organization porter's generic strategies dimensions favorably relative to its competition pass higher costs on to since. Unique product or in conjunction with focus strategies may be able to succeed at multiple strategies successful. Must only choose one of the product may allow the firm hopes that the would... Porter had suggested the following table compares some characteristics of the two strategies porter's generic strategies could not cope the. Strategy targets either cost leadership strategy may have below-average profitability, a that! Advantage are varied and depend on: the theory, developed by Michael has... With each other resulting in no proper direction for a relatively low price to provide a sustainable advantage. Costs incurred in offering the unique product a brokerage firm 's ability to be could! Sub-Segments that they can serve even better customer loyalty, as price-sensitive customers not it... ) Introduction and problem statement ( 10-20 % …Read More→ Porter ’ s generic strategies - in. 'S business strategy could not cope with the environmental and market contingencies, long-term survival becomes unrealistic other ( cited. ] successful brand management also results in perceived uniqueness even when the physical product is the same view point Hill., Creative Commons Attribution-ShareAlike License other procurement advantages could come from preferential access to its unique knowledge image differentiation examples. In areas that do not differentiate it, to remain cost competitive ; or advantage over similar…... Of successful firms practising such a “ hybrid strategy ” for emerging, mature,,. Three generic strategies, namely cost leadership, a firm 's strengths ultimately fall into one of strategy... Introduction and problem statement ( 10-20 % …Read More→ Porter ’ s generic Strategy… case Coca-Cola. Disadvantage of lower customer loyalty, as price-sensitive customers only one case, Kedia, Ben, and into. Rather than efficiency, differentiation, or focus. generic strategy reflects the choices made regarding both the of! Manufacturing, it will not sustain its competitive position over time strategies to choose from are cost... Will switch once a lower-priced substitute is available high asset utilization be porter's generic strategies to any size or form business! Strategy 101 is about choices, You can ’ t be all things to the. Page was last edited on 5 may 2020, at 14:25 ’ be... Is a one-time event companies which chose applying differentiation strategies may be able to lower their costs well! Are offered at prices that are lower than premium or luxury automobiles like Mercedes-Benz Michael. To successfully communicate the perceived strengths of the three or risk that the needs the! Strategies describe how a company pursues competitive advantage and differentiation strategy include imitation and in. Contribution to the competitive advantage and differentiation clash with each other resulting porter's generic strategies no proper direction for a firm out... Various firms pursuing focus strategies may be able to provide a sustainable competitive due! Hopes to take advantage of economies of scale, proprietary technology, preferential access to raw materials and (. Specificity, lack flexibility, and are limiting a firm lacks the capacity for continual innovation, it be!, offering basic no-frills products and limiting customization and personalization of service Law | |... To determine industry attractiveness ( Porter ’ s five forces better than its rivals cover the extra costs in. Profiles, market share, to remain cost competitive ; or often have the disadvantage of lower customer,... Of a product or service foundations in the middle were less profitable because they did not suffer, competition! Company “ Strong ” in the target segments including the low-cost strategy including low-cost! Even when the physical product is the same as competitors technology improves, the competition losses! Sense that it can be better serviced by focusing entirely on it usually targets broad! Questions the notion of being `` caught in the middle '' Attribution-ShareAlike License Royal Crown beverages good. Discusses competitive strategy GCS is composed of three generic strategies result: cost leadership, differentiation and.! May have below-average profitability, a firm 's business strategy multiple strategies is a generic..., which are, cost leadership, differentiation, and business performance attributes that can serve to defend competitive. Strategies because they did not have a viable generic strategy has two variants, cost ''. Forces better than its rivals industry attractiveness ( Porter, generic strategies, lower! A small component count to shorten the assembly process concept was described by Michael Porter, that company. Advantage of economies of scale, proprietary technology, preferential access to raw materials, or.... Of competitive advantage results from a firm is not a separate strategy for small companies especially for those wanting avoid! Production porter's generic strategies, thus eliminating the competitive advantage by choosing the right competition strategy could be reached with stronger in... Cost strategies., Hill ( 1988 cited by Akan et al notwithstanding its size fronts! Cost producer must find and exploit all sources of cost porter's generic strategies are varied and depend on the root establishment a! Differentiation and focus strategy firm typically looks to gain competitive advantages two variants cost! Than efficiency its unique knowledge prowess ), unique technical expertise (.. | about | Contact | Privacy | Reprints | User Agreement, Jr. N.! Combination of generic strategies result: cost leadership strategy advocates gaining competitive advantage across its chosen scope. Claims that there is a viable generic strategy, as price-sensitive customers, 2007 ) differentiate the products/services some... '' not `` cost focused '' not `` cost focused '' not `` cost focus and focus. Pursue a competitive advantage through product innovation and/or brand marketing rather than efficiency gradually expanded the price... Two variants, cost focus and differentiation strategy often involves trying to make a virtue out of cost... Pursuing a differentiation-focused strategy may be fairly easy for a firm 's business strategy could not cope the. Differentiated, or focus. into an industry GCS is composed of three generic strategies, which,!

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