According to Michael Porter, What Are the Three Broad Means

question 41

Essay

According to Michael Porter, what are the three broad means to view a business's strategy? Why do firms use a combination of these strategies?

---

Definitions:

Geographical Location

The physical place or position of a person or thing as determined by its coordinates on the Earth's surface.

Purchased Material

Items or goods a company buys from external suppliers for use in its manufacturing process.

Right Source

Choosing the most suitable origin or provider for goods, services, or information, focusing on quality, cost, and reliability.

Right Service

The alignment of a service provided with the exact needs or requirements of a customer or client.