Once you own a generic name you can do any of these...

Redirect it
Boost the traffic to your existing web site. Redirect the visitors going to the generic domain names directly to your main site. Example: Diy.co.uk (redirects to the B&Q web site).

 

Park it
Get additional revenue by 'Parking' the name at a 'Parking company'. They will put up a web page for you that contains adverts pertaining to the subject contained in the name. Parking companies will split the revenues they receive with you. Example: Printers.co.uk (parked and displaying ads for printers)

 

Develop it
Set up a new web site that compliments your main site, then link between the two sites where relevant.
Example: Movies.com (owned by Disney)

 

Base a company on it
Start up a company (or change the name of your existing company) to use the generic domain name as your company name. Examples: Chocolate.com (new company start up), Shopping.com (previously traded as DealTime.com)

 

Once you own the name you can choose the use you put it to. You could, for instance, redirect it to start with, with a view to developing it later.

 

This popular strategy doesn't involve any work, benefits from the traffic in the short term and secures the name for a possible future development project. It also removes the possibility of your competitors getting hold of it.