What Are Porter's Three Generic Strategies

question 315

Multiple Choice

What are Porter's three generic strategies?

• A)evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies
• B)analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry
• C)views a firm as a series of business processes, each of which adds value to the product or service
• D)generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service

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Definitions:

Long Run

A period of time in which all factors of production and costs are variable, allowing all inputs to be adjusted.

Alternative Goods

Products or services that can be used in place of each other, satisfying the same customer need or want.

Society Forgoes

The opportunity costs that society incurs when choosing to allocate resources to one project or purpose over another, leading to the loss of potential benefits from other uses.