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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; learn that business strategies evolve over time because of changing circumstances and ongoing management efforts to improve the company’s strategy;. | Chapter 1: What Is Strategy and Why Is It Important? Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University Chapter Learning Objectives 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. Learn that business strategies evolve over time because of changing circumstances and ongoing management efforts to improve the company’s strategy. Understand why a company’s strategy must underpinned by a business model that produces revenues sufficient to cover costs and earn a profit. Gain awareness of the three tests that distinguish a winning strategy from a so-so or flawed strategy. Learn why good strategy and good strategy execution are the most trustworthy signs of good management. Chapter Roadmap What Do We Mean by “Strategy?” Strategy and the Quest for Competitive Advantage Identifying a Company’s Strategy Why a Company’s Strategy Evolves Over Time A Company’s Strategy Is Partly Proactive and Partly Reactive Strategy and Ethics: Passing the Test of Moral Scrutiny The Relationship Between a Company’s Strategy and Its Business Model What Makes a Strategy a Winner? Why Are Crafting and Executing Strategy Important? 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 . | Chapter 1: What Is Strategy and Why Is It Important? Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University Chapter Learning Objectives 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. Learn that business strategies evolve over time because of changing circumstances and ongoing management efforts to improve the company’s strategy. Understand why a company’s strategy must underpinned by a business model that produces revenues sufficient to cover costs and earn a profit. Gain awareness of the three tests that distinguish a winning strategy from a so-so or flawed strategy. Learn why good strategy and good strategy execution are the most trustworthy signs of good management. Chapter Roadmap What Do We
