Porter identified some key strategies that can enable a company to get a competitive advantage over its competitors. He classified them into three categories. The first one is by cost leadership i.e. a company focuses on cost cutting procedures which can enable to charge a lower price than its competitors. The second one is differentiation, differentiate can come from the uniqueness of the selling proposition. Then the third focuses on the target market that the company would like to focus on, it can be narrow or broad.