What are Porter three generic strategies?

Porter's three generic strategies are cost leadership, differentiation, and focus. Cost leadership involves becoming the lowest-cost producer in an industry, allowing a company to offer lower prices than competitors. Differentiation focuses on providing unique products or services that offer distinct value, enabling a company to charge premium prices. The focus strategy targets a specific market niche, either through cost focus or differentiation focus, tailoring offerings to meet the needs of that particular segment.