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Porter's strategies as they can be applied universally to businesses in product development. His strategies are not firm or industry dependent, making it easy to apply them as needed to businesses that have not yet created a strong value chain.
The first generic strategy is cost leadership, a strategy which strongly emphasizes working towards a unified goal of a lower-priced product. The product does not need to be special or different, instead, the attractiveness to the consumer is the price. Firms that focus on applying cost leadership must work to cut down on costs in all areas; an overall view of the company showing departmental costs is a starting point to combining and sharing resources already in-house...
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Common topics in this essay:
- Article Summary-The Mismanagement of Customer Loyalty
- Customer Loyalty
- Generic Strategies
- Marketing: Product Loyalty
- Michael Porter's Generic Strategies
- mismanagement of customer loyalty
- Porter's Generic Strategies Explained
- The affects of customer Loyalty
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