Specialization Vs Generalization Insights For Small...

Specialization vs Generalization: Insights For Small Business Strategy One of the challenging debates that disturb business people in the modern world is whether they should go through the hassle of specialization or whether they should generalize their strategies and deal with multiple projects of selling a variety of different goods and services. The aspect of deciding whether to focus on generalization or specialization strategy is tough for both new and established businesses. However, some small businesses thrive by using specialization while others use generalization approach and still succeed. Case Study: Specialization vs Generalization Arthritis Care of Texas is one of the best healthcare centers in the world which applies the†¦show more content†¦It gains a concrete foundation to deal with arising challenges appropriately. Additionally, diversification makes small businesses more secure economically. For instance, if the company is dealing with multiple products, if it fails to sell properly at a particular period, it will remain stable because the rest will sustain its expenses and operations. These benefits are the reason why many enterprises in different nations are adopting the aspect of generalization. They are enjoying the merits of diversification which leads to their expansion. Therefore, they serve more customers every day and increase profitability. Additionally, generalization gives businesses perfect opportunities to branch. If the management realizes that their service delivery and products are paying off efficiently, they can open another branch in the regions near them. The process will open more job opportunities to youths and adults. However, small businesses should always be keen and do research before embracing generalization strategy. It requires proper preparations and awareness of the needs of your customers. For instance, if you want to add new products to your retail shop, you should be conversant with the needs of your consumers and be confident that the goods will satisfy them to avoid making losses. Specialization Leads to Excellence, Greater Efficiency and Perceived Value of Small Businesses Some companies opt to specialize with one product or service.Show MoreRelatedMarketing Literature Review11908 Words   |  48 PagesLiterature Review This section is based on a selection of article abstracts from a comprehensive business literature database. Marketing-related abstracts from over 125 journals (both academic and trade) are reviewed by JM staff. Descriptors for each entry are assigned by JM staff. Each issue of this section represents three months of entries into the database. JM thanks UMI for use of the ABI/INFORM business database. Each entry has an identifying number. 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