Create a 2 page essay paper that discusses Generic Strategies Model by Charles O. Godornes.
In order for these businesses to be successful they have to follow and practice a certain Generic Strategic model which would be Cost – Leadership, Differentiation or Focus. Cost – Leadership is where a business has a low level of differentiation or low level of costs in order to have a competitive market price edge to the market. Businesses that wish to venture and be successful in this type of strategy must focus on lowering their costs and offer value to their customers by producing effective products. Companies should be alert in controlling and monitoring their production costs, overhead costs, and their costs on research and development and in their service costs, so that they could offer a competitive price to the market. Companies should also invest in state-of the-art manufacturing technology in order to lower their costs which would lead to its primary goal which is having competitive market price. In differentiation strategy, businesses create value to their market by offering products which are unique in features and in characteristics. these are products that meets the customers’ preference and satisfaction by charging customers with a premium price. Companies that practice differentiation strategy must charge its customers with a premium price in order to attain its unique products which satisfies and meets the customer’s preference by producing high – end quality products which would also charge companies higher costs. In order for companies to have differentiated products they have to have superior quality, advanced technological features and etc. And in focus strategy, companies focus and pay very close attention to its core competencies or in its smaller segments to offer its products to a particular group of customers in the market, this strategy is commonly used by smaller companies.
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