Discuss the characteristics of each generic marketing strategy; synthesize the characteristics and assess how an organization determines which strategy(ies) to implement.
Generic Marketing Strategies:
Competitive businesses within the marketplace employ different strategies to ensure their success against the competitors available. There are three main generic marketing strategies which business should not overlook in the cases where they are marketing their commodities to the respective target group. The purpose of this document is to provide an overview of the characteristics of the three generic strategies. In addition, an assessment of the manner in which an organization determines the right strategy to implement is also discussed.
Porter identified three generic strategies such as cost leadership, differentiation, and focus strategies which could be applied within the context of business marketing. The three strategies are not dependent of a firm or an industry hence the term 'generic'. Several characteristics are associated to each of the generic strategies identified (Gur?u, ...
The solution discusses the characteristics of generic marketing strategies.