BUS 498 Chapter Notes - Chapter 1: Competitive Advantage, Sustainable Transport, Human Capital

• School: George Mason University
• Department: Business
• Course: BUS 498
• Professor: Masoud Yasai

Document Summary

1. 1 what strategy is: gaining & sustaining competitive advantage. A set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. To achieve superior performance, companies compete for resources: new ventures: financial and human capital, existing companies: profitable growth, charities: donations, universities: the best students and professors, sports teams: championships, celebrities: media attention. A diagnosis of the competitive challenge: analysis. A guiding policy to address the competitive challenge: formulation. A set of coherent actions to implement the firm"s guiding policy. Analysis of the firm"s internal and external environments. Example: tesla: vision: accelerate the world"s transition to sustainable transport. , a good strategy needs to start with a clear and critical diagnosis of the competitive challenge. To accomplish this mission, tesla must build zero-emission electric vehicles that are attractive and affordable. Beyond achieving a competitive advantage for tesla, musk is working to set a new standard in automotive technology.