Porter's Generic Strategies Quiz

In order to pursue cost leadership, companies have to produce the product or service at the ______ costs in the market

Cost leadership can be reached by achieving low purchasing costs which allow companies to exert ______ on suppliers

Economies of scale help in cost leadership as the more a product is produced, the more the product or service ______

Experience plays a key role in cost leadership as organizations get better at anticipating market fluctuations and reacting to them through accumulated ______

By analyzing accumulated experience, companies can optimize internal processes and save ______

One successful implementation of the cost/price leadership strategy is seen in the case study of the retailer ______

ALDI focuses on cost/price leadership strategy by negotiating low ______ costs

One advantage of a differentiation strategy is creating a unique market position with high ______ margins

ALDI optimizes internal processes by striving to simplify and ______ them

Instead of forecasting, ALDI runs its business based on current ______

A differentiation strategy requires offering something ______ to customers

Southwest Airlines excels due to its service attitude and ______

According to Michael Porter, strategy is the creation of a unique and valuable position, involving a different set of ______.

Michael Porter emphasizes developing a competitive advantage based on one clear, distinctive ______.

Henry Mintzberg defines strategy as 'a pattern in a stream of ______.'

A competitive advantage provides the organization with a better position in the market compared to its ______.

An explicit strategy that is too rigid ties organizations psychologically to their pre-defined ______.

It is necessary to keep a corporate strategy flexible and open to ______.