Achieve advantage through greater efficiency in serving a niche. Greater effectiveness in meeting the niche"s special needs. Competitive advantage provides buyers with superior value compared to rival sellers or offers same value at lower cost to firm. Sustainable if it persists despite best efforts of competitors to match/surpass this advantage. Deliberate strategy proactive strategy (planned & realized) Emergent strategy reactive strategy (emerge as changing conditions warrant, adaptive) Business model management"s blueprint for delivering product/service to customers, generating revenues sufficient to cover costs & yield attractive profit. Contribution margin per unit = sale price variable cost / fixed cost. Externally match industry & competitive conditions, best market opportunities, business environment. Internally match supply chain management, operations, sales & marketing. Good strategy + good strategy execution = good management. Explain vision, mission, core values, & objective. Describe the 5 tasks strategic model and related concepts. Describes management"s aspirations for future & outlines company"s strategic course and long- term direction.