Answer
Two generic strategies are product differentiation and cost leadership. Product differentiation is offering products and services that customers perceive as superior and unique. Cost leadership is achieving low costs relative to competitors. A company chooses its strategy based on an understanding of customer preferences and its own internal capabilities, while differentiating itself from its competitors.
Work Step by Step
Two generic strategies are product differentiation and cost leadership. Product differentiation is offering products and services that customers perceive as superior and unique. Cost leadership is achieving low costs relative to competitors. A company chooses its strategy based on an understanding of customer preferences and its own internal capabilities, while differentiating itself from its competitors.