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Michael Porter has argued that a firm's strengths ultimately fall into one of two headings: cost advantage and differentiation. By applying these strengths in either a broad or narrow scope, three generic strategies result: cost leadership, differentiation, and focus. These strategies are applied at the business unit level.
The primary activities within Michael Porter's value chain are used to provide a company with a competitive advantage in any one of the five activities so that it has an advantage in the industry in which it operates.