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COMM 173 Quiz: IB Quiz 4

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COMM 173
Keith Rogers

a system of processes and skills designed to solve a company problem for a customer, and create profit in doing so choosing the corporate strategy industries in which to compete set of choices a competitive strategy company makes to win in the industry choices made by a functional functional strategy area of a company to support corporate & competitive strategies generate enough return to avoid purposes of strategy insolvency, secure profitability & growth key resources to money, people, time allocate with competitive strategy identify core & extended problems, assert strategic Cyclical Process of intent, decide/update Competing (resource competitive position, compete in 3 dimensions allocation) products that enable status signalling; not all positional goods members of society may purchase a statement of a company's future position and the result it strategic intent intends to achieve; gives direction and summons commitment specific end that is to goal/objective be achieved within a specific time frame arenas, vehicles, types of activities that differentiators, staging,create a solution to a economic logic customer problem where the company arenas will be active in creating value structure used to vehicles attain presence in market what benefits customers receive differentiators when we solve their problem two types of differences, low price differentiators the speed & sequence staging of moves that tighten the chances of success how profits above the cost of capital will be generated; economic logic rationale for how company can pay costs and convince consumers to pay selling & servicing core products/services, innovating to come up with new/better forms of solutions, activities that driveimplementation WTP or reduce cost of solving problem creating a difference that customers care
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