Explain Porter's generic strategies for financially based objectives?

What will be an ideal response?

Michael Porter proposed three generic strategies that provide a good starting point for a company's overall strategic
approach to the market: overall cost leadership, differentiation, and focus.
• Cost leadership: In the cost leadership generic strategy, companies leverage their competitive advantages in
low-cost production or lean supply chains (or low-cost service delivery) to price their products lower than those of
their competitors, in an effort to boost volume and increase profit. Companies can take advantage of economies of
scale (companies reduce their per-unit cost through large-scale operations, like enormous automotive assembly
plants) and experience curve effects (companies become more efficient at building products and delivering services
as they gain experience) to reduce manufacturing and service delivery costs.
• Differentiation: In the differentiation generic strategy, companies with competitive advantages in design can
create products or services clearly superior and different to those of competitors to differentiate their firm from
others. Customers must be able to acknowledge the difference and pay a premium for it.
•Focus: In the focus generic strategy, organizations target a particular market segment or niche using either the cost
or differentiation method.