I did not experience any problems this week. I was able to complete all of my
assignments this week, and on time. I really enjoyed learning about the five forces model and how organizations can use each one.
There are three generic strategies that a business can choose to use. They are differentiation, cost leadership, and focus. Differentiation is how a company makes its products or services different than the competitors. An example of this could be diapers. The competitor brand leaks and leaves a rash. Walmart sells a brand that promises not to leak. So the walmart brand seems to be the better choice. Cost leadership is when a company lowers their costs to be a competitor. I use to work at a flea market and we would use cost leadership. We would lower our prices so people would buy our products. Lastly, focus is when a company focuses on mainly one industry. Lowes would be an example of this because they focus mainly on hardware products (Bruin, 2021).
I think generic strategies can be very effective, if you are using the right one.
You want to use a strategy that will help your business, and not hurt it. There
are some companies that try to use all three strategies, but i do not think those really work. I think each strategy should be tailored to your business. You can pick one and see if it works. Try all three, not at the same time, and see what works best for your business. References:
Bruin, L. de. (2021, May 4). Porter’s generic strategies explained with examples: B2U
. Business. https://www.business-to-you.com/porter-
generic-strategies-differentiation-cost-leadership-focus/
