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Chapter 1 - What is strategy and why is it important? In this chapter students will be able to: Understand the role of business strategies in moving a company in the intended direction, growing its business, and improving its financial and market performance; develop an awareness of the four most reliablestrategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage;. | What Is Strategy and Why Is It Important? Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University-Florida Region Thinking Strategically: The Three Big Strategic Questions 1. What’s the company’s present situation? 2. Where does the company need to go from here? Business(es) to be in and market positions to stake out Buyer needs and groups to serve Direction to head 3. How should it get there? A company’s answer to “how will we get there?” is its strategy What Do We Mean By “Strategy”? Consists of competitive moves and business approaches used by managers to run the company Management’s “action plan” to Grow the business Attract and please customers Compete successfully Conduct operations Achieve target levels of organizational performance Strategy and the Quest for Competitive Advantage The heart and soul of any strategy are the actions and moves in the marketplace that a company makes to strengthen its competitive position and gain a competitive advantage over rivals A creative distinctive strategy that sets a company apart from rivals and yields a competitive advantage is a company’s most reliable ticket to above average profitability Competing with a competitive advantage is more profitable than competing with no advantage Competing with a competitive disadvantage nearly always results in below-average profitability Four “Best” Strategic Approaches to Building Sustainable Competitive Advantage Being the industry’s low-cost provider (a cost-based competitive advantage) Incorporate differentiating features (a “superior product” type of competitive advantage keyed to higher quality, better performance, wider selection, value-added services, or some other attribute) Focusing on a narrow market niche (winning a competitive edge by doing a better job than rivals of serving the needs and preferences of buyers comprising the niche) Developing expertise and resource strengths not easily imitated or matched by rivals (a capabilities-based competitive . | What Is Strategy and Why Is It Important? Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University-Florida Region Thinking Strategically: The Three Big Strategic Questions 1. What’s the company’s present situation? 2. Where does the company need to go from here? Business(es) to be in and market positions to stake out Buyer needs and groups to serve Direction to head 3. How should it get there? A company’s answer to “how will we get there?” is its strategy What Do We Mean By “Strategy”? Consists of competitive moves and business approaches used by managers to run the company Management’s “action plan” to Grow the business Attract and please customers Compete successfully Conduct operations Achieve target levels of organizational performance Strategy and the Quest for Competitive Advantage The heart and soul of any strategy are the actions and moves in the marketplace that a company makes to strengthen its competitive position and gain a competitive advantage over rivals A
