BUS 800 Study Guide - Final Guide: Collaborative Partnerships, Business Ethics, Moral Relativism
Document Summary
Strategy is about competing differently from rivals- doing what competitors don"t do or even better, doing what they can"t do; provides guidance. Distinctive strategy- meeting the customers" needs better or operating more efficiently than rivals. Sustainable strategy- durable, not temporary; having elements that give buyers lasting reason to prefer a company"s products or services over those of competitors; reasons that competitors are unable to nullify or overcome despite their best efforts. Changing circumstance and ongoing management efforts to improve the strategy cause a company"s strategy to evolve over time- a condition that makes the task of crafting strategy a work in progress, not a one-time event. Evolving strategy- adapting to new conditions and constantly evaluating what is working well enough to continue and what needs to be improved are normal parts of the strategy-making process. Proactive strategy is planned initiative to improve the company"s financial performance and secure a competitive edge.
