*Find one way to do (business/ organization) strategy and discuss.
According to what I have researched, there are four different generic strategies that strategic business units use. These are Cost Leadership strategy, Differentiation strategy, Focus strategy and Integrated Cost Leadership-Differentiation strategy. For me, these are all such big help but if I were asked to choose just one, I will choose the Integrated Cost Leadership- Differentiation Strategy. It is defined as the strategy used by companies that integrate strategies rather than relying on a single generic strategy are able to adapt faster and learn or acquire knowledge about new technologies quickly. The produces under the Integrated Cost Leadership- Differentiation strategy are less distinctive than differentiators and costs are not as low as the cost-leader, but they combine the advantages of both approaches. A distinctive product that is mid-range-priced can be a bigger draw to customers than a cheap generic product or an expensive special one. This is because of the multiple, additive benefits of successfully pursuing the cost leadership and differentiation strategies simultaneously. Differentiation enables the company to charge premium prices and Cost leadership enables the company to charge the lowest competitive price. Thus, the company is able to achieve a competitive advantage by delivering value to customers based on both product features and low price.
In summary, firms using an integrated cost leadership-differentiation strategy may adapt more quickly, learn new skills and technologies, utilize flexible manufacturing systems to create differentiated products at low cost, leverage core competencies through information networks across multiple business units, and utilize Total Quality Management (TQM) to create high quality differentiated products which simultaneously drive down costs.