Based on the five generic strategies concept below $,$ identify the current

strategy adopted by westpac bank australia Justify your choice of strategy. Five Generic Strategies

Porter$$s five generic strategy framework allows executives to develop business$-$level strategies.

Firms can select from five strategic options to compete, defend and create a unique position against competitors.

Five generic strategy framework falls within:

Competitive strategy

Business level strategy

Thompson, AA$,$ Peteraf, MA$,$ Gamble, JE & Strickland, AJ $2020$

Broader Lower cos strategy: striving to achieve broad lower overall costs than rivals on comparable products that attract a broad spectrum of buyers, usually by underpricing rivals $($Thompson et al$.2020,$ p$\mathrm{.}125).$

Broad differentiation strategy: seeking to differentiate the company$$s product offering from rivals with attributes that will appeal to a broad spectrum of buyers $($Thompson et al$.2020,$ p$\mathrm{.}125).$

Focused low$-$cost strategy: concentrating on the needs and requirements of a narrow buyer segment $($or market niche$)$ and striving to meet these needs at lower costs than rivals $($thereby being able to serve niche members at a lower price$)($Thompson et al$.2020,$ p$\mathrm{.}125).$

Focused differentiation strategy: concentrating on a narrow buyer segment $($or market niche$)$ and offering niche members customized attributes that meet their tastes and requirements better than rivals$$ products $($Thompson et al$.2020,$ p$\mathrm{.}125).$

Best$-$cost$*$ strategy: striving to incorporate upscale product attributes at a lower cost than rivals. Being the $$best$-$cost$$ producer of an upscale, multifeatured product allows a company to give customers more value for their money by underpricing rivals whose products have similar upscale, multifeatured attributes. This competitive approach is a hybrid strategy that blends elements of the previous four options in a unique and often effective way. It may be focused or broad in its appeal.

$*$Best$-$cost $$ also referred to as integrated or hybrid.