Michael Porter Distinguishes Three Strategies That Businesses Pursue to Gain

question 44

True/False

Michael Porter distinguishes three strategies that businesses pursue to gain and maintain competitive advantages in their various product-markets: (1)overall cost leadership;(2)differentiation;and (3)focus.

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Definitions:

Implied Warranty

An assurance, not explicitly stated, that a product meets certain quality and reliability standards.

Remedy

Legal means by which a right is enforced or the violation of a right is prevented, redressed, or compensated.

Tenancy At Sufferance

The leasehold interest that occurs when a tenant remains in possession of property after the expiration of a lease.

Holds Over

A term describing a tenant who remains in possession of leased property after the expiration of the lease term without the landlord's consent.