Michael Porter’s three generic strategies that allow organisations to gain competitive advantage are as follow:
A) Cost leadership:
It emphasizes on being a cost leader by producing standardized products at a very low per-unit cost for consumers who are price-sensitive.
It is a strategy aimed at producing products and services considered unique and directed at consumers who want something unique or different and are relatively price- insensitive.
It means focusing or concentrating on a particular group of customers, geographic markets or on particular product-line segments in order to serve a well-defined but narrow market better than competitors who serve a broader market.