In recent years, the concept of generic strategies for achieving competitive advantage has gained prominence in the field of strategic management (BCG, 1976; Buzzell, Gale & Sultan, 1976; Porter, 1980; Hambrick, 1983; Karnani, 1984; Wright, 1987). Two generic strategies often mentioned in the literature are low‐ cost position and high differentiation position. Porter also mentions a third generic strategy called ‘focus’. However, this strategy is merely a specialised application of the two main generic strategies in a narrow market segment.
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