Question

The five generic types of competitive strategies include

Answer 1

Answer:

The correct answer is B) low-cost provider strategies, broad differentiation strategies, best-cost provider strategies.

Explanation:

A competitive advantage allows one company to produce or sell goods more effectively than another company. For that reason, entrepreneurs always try to develop competitive strategies that help them maintain that advantage.

According to researcher researcher Michael E. Porter, there are at least four types of competitive strategies: differentiation, cost leader, low cost approach, and low cost differentiation. Each entrepreneur can use one of these standard strategies or develop his own strategy since flexibility is an important characteristic of competitive strategies, although the reality is that most companies use one of these four generic strategies.