Question

Why are differentiation and low cost leadership strategies referred to as generic business strategies? they can be simultaneously pursued by a firm without any trade-offs. they can be used by any organization independent of industry context. they require similar strategic positions in order to increase a firm's chances to gain competitive advantage. they can be applied only by businesses, which have a competitive advantage?

Answer 1

Differentiation and low cost leadership strategies are referred to as generic business strategies due to the fact that they can be used in basically any organization, regardless of the industry.