Question: According to Michael Porter, what are the two basic strategies for gaining a competitive advantage in an industry? 1 ) Low cost and differentiation

According to Michael Porter, what are the two basic strategies for gaining a competitive advantage in an industry?
  

1)

Low cost and differentiation

2)

High price and differentiation

3)

Low-price and high volume

4)

High value and high price

Step by Step Solution

★★★★★

3.43 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The detailed answer for the above question is provided b... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

Summarise this lecture concisely in your own words within 350 words Learning Outcomes (1 of 3) Discuss common applications of computers and information systems Explain the differences between...

Q:

1. How strong are the competitive forces confronting J. Crew in the market for specialty retail? Do a [Michael Porter] five-forces analysis to support your answer. (see chapter 3 in the textfor...

Q:

Read the case study below and answer the question that follows. The changing dynamics in the worldwide mobile phone market: creating excellence through innovation management and collaborative...

Q:

According to Michael Porter, what are the two basic strategies for creating value and attaining a competitive advantage in an industry? Multiple Choice differentiation and low-cost value creation and...

Q:

Netflix Case Study: David Becomes Goliath Questions: 1) According to strategy guru Michael Porter, firms can choose two kinds of strategy to achieve competitive advantage: lower-cost production and...

Q:

According to Michael Porter, what are the two basic strategies for creating value and attaining a competitive advantage in an industry? Multiple Choice value creation and generalization comparison...

Q:

According to Michael Porter, what are the two basic strategies for creating value and attaining a competitive advantage in an industry? Multiple Choice differentiation and low - cost value creation...

Q:

Write a one-page reflection of this article that 1) summarize how Porter's value chain was uniquely applied to Turkish tourism (what did they change to make it work?) AND 2) add a separate personal...

Q:

PORTERs FIVE FORCES MODEL IN ACTION 4% ASSIGNMENT Michael Porters five forces model helps managers isolate particular forces in the external environment that are potential threats: The level of...

Q:

PORTERs FIVE FORCES MODEL IN ACTION 4% ASSIGNMENT Michael Porters five forces model helps managers isolate particular forces in the external environment that are potential threats: The level of...

Q:

Given the following information, determine the sample size needed if the standard time estimate is to be within 5 percent of the true mean 97 percent of the time. Standard Mean Work Deviation...

Q:

Positive charge Q is uniformly distributed around a semicircle of radius a as shown in Fig. 21.34. Find the magnitude and direction of the resulting electric field at point P, the center of curvature...

Q:

Give additional examples for each type of feasance as it relates to your future profession

Q:

Q3. Paraphrase the following passage with APA 7 th Edition Referencing conventions providing appropriate parenthetical in-text citation plus a detailed end-text reference with the help of the details...

Q:

Given the 2-dimensional surface below, use the "library" of functional groups provided to design a complementary surface to maximize the interaction between the two surfaces. Draw one continuous 2-D...

Q:

A generating system contains three 20 MW generating units each with a 3% FOR and one 45 MW unit with a 6% FOR. If the peak load for a 100 day period is 75 MW, what is the LOLE and EIR for this...

Q:

What would you do?Think about the different conflict resolution styles we talked about this week. 1. Define Acceptable Behavior : You know what they say about assuming...Just having a definition for...

Q:

In Problems 4352, graph each system of linear inequalities. State whether the graph is bounded or unbounded, and label the corner points. 0 x y 0 x + y = 1 x + y 7 2x + y 10

Q:

Problems 143152 are based on material learned earlier in the course. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for the final exam. A...

Q:

In Problems 3756, write each expression as a sum and/or difference of logarithms. Express powers as factors. In (x-4) 72/3 I - zx 1 x > 4

Q:

The National Highway Transportation Safety Administrations National Center for Statistics and Analysis released its Vehicle Survivability Travel Mileage Schedules in January 2006. One item...

Q:

A previous exercise discussed the relationship between the average college tuition (in 2003 dollars) for private and public colleges. The data indicated in the article follow: Period 19831984...

Q:

Gym Outfitters sells and services exercise equipment such as treadmills, ellipticals, and stair climbers to gymnasiums and recreational centers. The companys management would like to determine if...