ACC 801 Study Guide - Midterm Guide: European Cooperation In Science And Technology, Accounting Information System, Value Chain
7 Feb 2015
School
Department
Course
Professor
Document Summary
Strategic planning and decision making requires a broad set of information about customers, suppliers, This broader set of information should satisfy 2 requirements: internal workings and firm"s external environment. Strategic planning must be prospective and should provide insight about future periods and. Strategic decision making: choosing among alternative strategies with the goal of selecting a strategy for long term growth and survival. Strategic cost management: use of cost data to develop and identify superior strategies that will help produce a sustainable competitive advantage. There are three general strategies to help increase customer value to achieve a competitive advantage: cost leadership, product differentiation. Focusing on a specific market: a cost leadership strategy happens when the same or better value is provided to customers at a lower cost than a company"s competitors. Example: a mortgage company may target particular kinds of customers that do not qualify for conventional mortgages offered by main chartered banks and weed out the non-targeted customers.
