This document outlines five generic competitive strategies: low cost, differentiation, best cost provider, focused low cost, and focused differentiation. It discusses when each strategy is most applicable, how to implement each one, and potential downsides. The strategies range from aiming for the broadest customer base with an overall low cost approach, to targeting a niche segment with specialized differentiation or low costs. Implementing the strategies successfully requires controlling costs, understanding customer needs, and preventing competitors from copying the approach.