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BUS 800 - Final Exam Notes.pdf

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Department
Business
Course
BUS 800
Professor
Brad Poulos
Semester
Winter

Description
BUS800FinalExamNotesChapter16912Chapter1WhatisStrategyandwhyisitImportantWhatdowemeanbyStrategy CompanysstrategyisitsactionplanforoutperformingitscompetitorsandachievingsuperiorprofitabilityTheplantriestomakethefollowingchoiceso Howtoattractandpleasecustomerso Howtocompeteagainstrivalso Howtopositionthecompanyinthemarketplaceo Howbesttorespondtochangingeconomicandmarketconditionso Howtocapitalizeonattractiveopportunitiestogrowthebusinesso Howtoachievethecompanysperformancetargets Wellcraftedstrategyistonothavemerelyshorttermsuccessbutasortoflastingsuccessthatcansupportgrowthandsecurethecompanysfutureoverthelongterm Examplesofstrategieso Employingstrategiesaimedatachievinglowercoststhanrivalso Pursuestrategiesaimedatachievingproductsuperiorityorpersonalizedcustomerserviceorqualitydimensionsthatrivalscannotmeeto Optoutforwideproductlinesornarrowproductlineupo ConfineoperationstolocalorregionalmarketsornationallyorinternationallyStrategyIsAboutCompetingDifferently Strategyonlystandsachanceofsucceedingwhenitispredicatedonactionsbusinessapproachesandcompetitivemovesaimedatappealingtobuyersinwaysthatsetacompanyapartfromrivalso Thereneedstobeadistinctiveelementthatdrawsinacustomercompetitiveedge Providesdirectionandguidanceintermsofnotonlywhatthecompanyshoulddobutalsowhatitshouldnotdoo KnowingwhatnottodocanbeasimportantasknowingwhattodoMakingawrongstrategicmovewillproveadistractionandawasteofcompanyresourcesorunintendedlongtermconsequences Figure11IdentifyingaCompanysStrategyWhattolookforpage5o Broadtypesofactionsandapproachesthatcharacterizeacompanysstrategy1 Actionstostrengthenthefirmsbargainingpositionwithsuppliersdistributorsandothers2 Actionstogainsalesandmarketshareviamoreperformancefeaturesmoreappealingdesignbetterqualityorcustomerservicewiderproductselectionorothersuchactions3 Actionstogainsalesandmarketsharewithlowerpricesbasedonalowercosts4 Actionstoenternewproductorgeographicmarketsortoexitexistingones5 Actionstocaptureemergingmarketopportunitiesanddefendagainstexternalthreatstothecompanysbusinessprospects6 Actionstostrengthenmarketstandingandcompetitivenessbyacquittingormergingwithothercompanies7 Actionstostrengthencompetitivenessviastrategicalliancesandcollaborativepartnerships8 ActionsandapproachesusedinmanagingRDproductionsalesandmarketingfinanceandtheirkeyactivities9 ActionstoupgradebuildoracquirecompetitivelyimportantresourcesandcapabilitiesStrategyandtheQuestforCompetitiveAdvantage CompetitiveadvantageoverrivalsinattractingbuyersandcopingwithcompetitiveforcesAchievedthroughgivingbuyerswhattheyperceiveassuperiorvaluecomparedtotheofferingsofrivalsellersorgivingthesamevalueatalowercosto Superiorvaluecanmeanagoodproductatalowerpriceassuperiorproductthatisworthpayingmorefororabestvalueofferingthatrepresentsanattractivecombinationinpricefeaturesqualityorservice McDonaldsCasepage6o HasgainedacompetitiveadvantageoveritsrivalsinthefastfoodindustrythroughitseffortstominimizecostsensurefastandconsistentdeliveryoffoodswithwideappealandkeepingpriceslowdrivingthesalesvolumeBUS800FinalExamNotesChapter16912o Distinctivestrategythatisusedbythemisacompanysmostreliableticketfordevelopingacompetitiveadvantageoveritsrivals Ifastrategyisnotdistinctivethentherewouldbenocompetitiveadvantageasnofirmwouldbemeetingcustomerneedsbetteroroperatingmoreefficientthananyother Sustainablecompetitiveadvantageareelementsofthestrategythatgivebuyerslastingreasonstopreferacompanysproductsorservicesoverthoseofcompetitorsthingsthatthecompetitorsarenotabletoovercomedespitebesteffortso InthecaseofMcDonaldsthecompanysnamerecognitionreputationforquickservicefoodandformidablevolumeadvantagemakesitdifficultforcompetitorstoweakenorovercomethecompetitiveadvantagemakingissustainable FourStrategicApproacheso StrivingtobetheindustryslowAcostprovidertherebyaimingforacostAbasedcompetitiveadvantageoverrivals WalmartSouthwestAirlineso Outcompetingrivalsonthebasisofdifferentiatingfeaturessuchashigherqualitywiderproductselectionaddedperformancevalueaddedservicesmoreattractivestylingandtechnologicalsuperiority AppleChanelRolexBMWMercedeso Developinganadvantagebasedonofferingmorevalueforthemoney Targeto Focusingonanarrowmarketnichewithinanindustry EBayMcAfee Cleverrivalsmaycopytheattributesofapopularproductorservicebutstruggletomatchtheexperienceknowhowandspecializedcapabilitiesthatacompanyhasdevelopedandperfectedoveralongperiodoftimeo FedExAppleHyundaiWhyaCompanysStrategyEvolvesOverTime Managersmustbereadytoandwillingtomodifythestrategyinrespondtochangingmarketconditionsadvancingtechnologyunexpectedmovesbycompetitorsshiftingbuyerneedsemergingmarketopportunitiesandmountingevidencethatthestrategyisnotworkingwell CompaniesthatarepartofrapidfireadvancesintechwillfindthemselvesadjustingkeyelementsoftheirstrategiesacoupletimesayearsometimeshavingtoreinventthestrategyoverallACompanysStrategyIsPartlyProactiveandPartlyReactive Proactivemeansplannedinitiativetoimprovethecompanysfinancialperformanceandsecureacompetitiveedge Reactiveresponsestounanticipateddevelopmentsandfreshmarketconditions Biggestportionofcurrentstrategyflowsfromongoingactionsthathaveproventhemselvesinthemarketplaceandnewlylaunchedinitiativesaimedatbuildingalargerleadoverrivalsandfurtherboostingfinancialperformanceo Definedasdeliberatestrategyconsistingofproactivestrategyelementsthatareplannedandrealizedasplanned Aportionofacompanysstrategyisalwaysdevelopedontheflycomingasaresponsetofreshstrategicmaneuversonthepartoftherivalfirmsunexpectedshiftsincustomerrequirementstechdevelopmentsnewmarketopportunitiespoliticalandeconomicclimateo UnplannedreactivestrategiesmakeupthefirmsemergentstrategyconsistingofacombinationofreactiveandproactiveelementswithcertainstrategiesbeingabandonedbecausetheyhavebecomeineffectiveACompanysStrategyAndItsBusinessModel Businessmodelisthemanagementsblueprintfordeliveringavaluableproductorservicetocustomersinamannerthatwillgeneraterevenuessufficienttocovercostsandyieldanattractiveprofit Twoelementstoabusinessmodel
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