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A bank provides its customers mobile applications that significantly simplify traditional banking activities. For example, a customer can use a smart phone to take a picture of a check and electronically deposit into an account. This unique service demonstrates the bank's desire to practice which one of Porter's strategies?

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Answer:

The correct answer would be Differentiation Strategy.

Explanation:

There are three generic strategies of Porter. One is Cost Leadership, other is Differentiation and the last one is Focus.

Among these strategies, Differentiation is the strategy which is used by the bank in this question. Differentiation is a strategy used by the companies to make them unique in the industry through some dimensions which are highly valued by the customers or clients of that company. For Example in this question, the bank provides the facility of transferring money in an account by just snapping a shot of check and depositing it into that account. This feature make them unique in the banking sector. So this is called the differentiation strategy.  

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