The authors propose and test a theoretical model addressing direct and indirect (through market share) linkages between Porter's generic business strategies of low cost and differentiation, and profitability (Competitive Strategy, New York: Free Press 1980). Results of a structural equation analysis provide support for a direct, positive relationship between low cost strategies and profitability. The results reveal a primary indirect effect of image differentiation strategies on profitability through market share. Insights are provided regarding the relevance of the market share goal under alternate strategic orientations.