Porter's Generic Strategies is a framework developed by Michael Porter that outlines three primary strategies businesses can use to gain a competitive advantage: cost leadership, differentiation, and focus. Cost leadership involves becoming the lowest-cost producer in the industry, allowing a company to offer lower prices than competitors. Differentiation focuses on creating unique products or services that stand out in the market, enabling a company to charge premium prices. The focus strategy narrows the target market, allowing businesses to concentrate on a specific segment, either through cost focus or differentiation focus. By choosing one of these strategies, companies can effectively position themselves in the marketplace and enhance their competitive edge.