33:620:301 Study Guide - Midterm Guide: Explicit Knowledge, Human Resources, Glossary Of Chess
20 Jan 2014
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1: a company"s strategy is its action plan for outperforming its competitors and achieving superior profitability. What is our present situation: business environment and industry conditions, firms financial and competitive capabilities. Where do we want to go from here: creating a vision for the firms future direction. By providing customers with value: the firm"s customer value proposition. By generating revenues sufficient to cover costs and produce attractive profits: the firm"s profit formula, the customer value proposition. The greater the value provided (v) and the lower the price (p), the more attractive the value proposition is to customers: the profit formula: External fit in sync with prevailing market conditions. Internal fit compatible with a company"s ability to execute the strategy in a competent manner. The 5 stages of the strategy process: vision, mission, & values, developing a strategic vision: Describes management"s future objectives for the business to its stakeholders. Provides direction where are we going .
