Jennifer Bloom is writing a paper and she must determine which of Porter's Three Generic Strategies The Museum Company has implemented. Jennifer finds out that The Museum Company offers specialty products found only in museums around the world to affluent customers. What would Jennifer determine The Museum Company is using as its generic strategy?A. Broad market, low cost. B. Narrow market, high cost. C. Broad market, high cost. D. Narrow market, low cost.

Letter B is correct. Narrow market, high cost.

Explanation:

Michael Porter developed three competitive strategies defined as offensive and defensive actions that a company can use to remain in a competitive position in the market. Porter's three generic strategies are: Cost, Differentiation and Focus.

The correct option is that The Museum Company uses a competitive strategy of narrow market and high cost.

The company's strategy can be justified by the focus on a restricted market with wealthy customers, which justifies the high cost of the products offered by the company, which are defined as differentiated and special products.

true

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