TAILIEUCHUNG - Lecture Essentials of strategic management: The quest for competitive advantage (4e) - Chapter 1

Chapter 1 - Strategy, business models, and competitive advantage. The main goals of this chapter are to: Understand why every company needs a distinctive strategy to compete successfully, manage its business operations, and strengthen its prospects for long-term success; learn why it is important for a company to have a viable business model that outlines the company's customer value proposition and its profit formula; develop an awareness of the five most dependable strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage. | Student Version Why Strategy Matters? Strategy is about choosing how to compete: How to create products or services that attract and please customers. How to position the company in the industry. How to develop and deploy resources to build valuable competitive capabilities. How each functional piece of the business (R&D, supply chain activities, production, sales and marketing, distribution, finance, and human resources) will be operated. How to achieve the firm’s performance targets 2 The Importance of Strategic Uniqueness A Company’s Strategy is the distinctive set of creative strategic choices made by its managers that sets it apart from its rivals and produces its competitive edge. must tightly fit its own particular situation to achieve competitive advantage. defines how it intends to do what rival firms do not do or, better yet, what rival firms cannot do. Strategy and a Company’s Business Model Business Model Management’s blueprint for delivering a valuable product or service to customers in a manner that will yield an attractive profit. Elements of the Business Model Customer value proposition defines how the firm will satisfy buyer wants and needs at a price customers consider a good value. Profit formula describes the firm’s approach to determining a cost structure that will allow for acceptable profits given the pricing tied to its customer value proposition. Strategy and the Quest for Sustainable Competitive Advantage: Choosing a Strategic Approach low-cost provider broad differentiation focused low-cost focused differentiation best-cost provider Strategic approaches to gaining a sustainable competitive advantage A low-cost provider strategy—achieving a cost-based advantage over rivals. A broad differentiation strategy—seeking to differentiate products or services from rivals’ in ways that will appeal to a broad spectrum of buyers. A focused low-cost strategy—concentrating on a narrow buyer segment (or market niche) and outcompeting rivals by .

• Quản trị kinh doanh
• Strategic management
• Competitive advantage
• Crafting strategy
• Executing strategy
• Business models
• Sustainable competitive advantage
• Ebook Strategic management for travel and tourism
• Strategic management for travel and tourism
• Strategic choices
• Strategic implementation
• Analysis in strategic management
• Strategic alliances in the airline industry
• Lecture Strategic management
• Strategic leadership
• Analyzing strategic management cases
• Knowledge management
• Competitive advantages
• Strategic management trade offs
• Bài giảng Quản trị chiến lược
• Key terms
• Strategic thinking development progress
• Comprehensive framework
• Stages of strategic management
• Strategic actions
• Strategic competitiveness
• Strategic management process
• Sustained competitive advantage
• Internal environment analysis
• Human capital moderate the relationship
• Strategic thinking and strategic human resource management
• Human capital to enhance strategic HRM
• Effectively benefit from strategic thinking
• Significant effect on strategic HRM
• Lecture Management the new competitive landscape
• Management the new competitive landscape
• Technology strategy
• Strategic management model
• Cooperative strategy
• Strategic alliances
• Managerial labor markets
• Implementing strategy
• Strategic control
• Corporate governance
• Effective strategic leadership
• Ethical culture
• Learning organization
• Venture creation
• Corporate entrepreneurship
• Lecture Management
• The importance of strategic management
• The strategic management process
• Types of organizational strategies
• Explain why strategic management is important
• Internet strategies
• Competitor analysis
• External environmental analysis
• Business level strategy
• Competitive dynamics
• Competitive rivalry
• Corporate level strategy
• Corporate strategy
• Restructuring strategies
• Effective acquisitions
• International strategy
• International strategy lifecycle
• Managerial Ccontrol
• Organizational structure
• Functional structure
• Internal corporate venturing
• Strategic market management
• Lecture Strategic market management
• Quản lý thị trường chiến lược
• Strategic analysis
• Strategic groups