MCS 4370 Lecture Notes - Lecture 3: Competitive Advantage, Strategic Thinking

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 4370
• Professor: Tanya Mark

Document Summary

Strategy how organization is going to win in its environment. Competing: to be the best to be unique the worst error in strategy is to compete with rivals on the same dimensions the fundamental starting point is not being the best but being unique. If you"re delivering unique value to consumers, you"ll be able to win. Strategy is more than a particular action. Strategy is not the same as vision/values. Strategy defines the company"s distinctive approach to competing and the competitive advantages on which it will be based. Company economic performance results from two different causes industry: industry structure strategic positioning within the. Companies must focus on the health of the industry. Competitive advantage: differentiation you have something that the consumer is, lower cost more efficient that you can be more profitable willing to pay more for. Do the same thing better having up to date software, effectively using internet.