Meaning of “Porter's generic strategies” in the English Dictionary

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"Porter's generic strategies" in Business English

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Porter's generic strategiesnoun [ plural ]

uk us

MANAGEMENT, MARKETING the theory, developed by Michael Porter, that a business can get an advantage over other similar businesses in three ways, by cost leadership (= being a low-cost producer), by differentiation (= offering products that are different and that have added value in relation to quality), or by focus (= selling to a part of a market with particular needs)

(Definition of “Porter's generic strategies” from the Cambridge Business English Dictionary © Cambridge University Press)