For companies to survive in an industry, developing a competitive advantage over rivals is essential.
But how do companies decide their approach? What kind of advantage should they aim to achieve?
Famed Harvard business school professor Michael Porter outlined three generic strategies which can help: cost leadership, differentiation, and focus.
These strategies are based on the scope of their market competition, and the source of their competitive advantage.
Take this course to learn how companies can utilize these generic strategies when formulating their own plans for success.