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Essay / Research Paper Abstract
This is a 3 page paper that provides an overview of Porter's generic strategies. Three different retailers provide examples of key generic strategies. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: K 60_KFbiz033.doc
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Unformatted sample text from the term paper:
when developing any strategy. However, there are certain "generic strategies" as defined by Porter which offer a useful categorization of basic approaches to business which might be utilized by a
wide variety of organizations, regardless of size or market. The following paper assumes the hypothetical situation that one has recently been promoted to the position of vice president in
an organization, only to have the CEO invite one to participate in the organizations yearly strategic planning session. Making the move from micro-managing duties to high level planning requires a
thorough understanding of how organizations adopt generic strategies as a response to market and internal forces in order to develop and sustain a competitive advantage. One of the most
common generic strategies that can be observed in organizations is that of the "low cost producer". This strategy refers to an organizations focus on competing in a competitive market by
offering the lowest possible prices to draw the greatest number of customers. Naturally, this strategy must be offset by reducing costs as much as possible. Costs are cut by offering
standardized products with no differentiation at all, in contrast to other generic strategies. Wal-Mart is an excellent example of a retailer that engages in the low cost generic strategy. It
is well documented that Wal-Mart engages in discounting of prices in order to undersell local competitors. Moreover, the typical Wal-Mart store tends to stock a standardized selection of products, neither
outright generic brands nor top-of-the-line brands, but those products that can most effectively be discounted. Another common generic strategy is that of the niche supplier. In contrast to the
low cost producer who sells a great deal of merchandise and uses pricing structure as the point of strategic focus, the niche supplier works to develop an advantage by becoming
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