Textbook Notes (369,072)
Canada (162,366)
Business (79)
BUS 800 (21)
Chapter 1

chapter 1.docx

5 Pages
125 Views

Department
Business
Course Code
BUS 800
Professor
Jim Diodati

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Description
Plan-to-Win strategy: "being better, not just bigger" key initiatives: • improved restaurant operations: training programs, management courses, leadership institute to build leadership skills • affordable pricing: scrutinizing restaurant operating cost, admin cost, corporate exp, , used poor ecn as opportunity , not sacrifice product quality • wide menu variety and beverage choices: include new, healthy items, coffee, represents other cultures • convenience and expansion of dining opportunities: McCafes extended hrs because appealed to even larger consumer base, drive thru hrs • ongoing restaurant reinvestment and international expansion: refurbish interiors and exteriors objective of a well-crafted strategy (pg 4) • lasting success that can support growth and secure the company's future over the long term • lower costs than rival • product superiority • personalized customer service • quality dimesnions that rivals can't match • operation globally Strategy • competing differently • rival can't do Company strategy • provide direction and guidance - should/shouldn't do Competitive advantage (pg 5) • edge over rivals in attracting buyers and coping with competitive forces • giving buyers what they percieve as superior value compared to rival • giving buyers the same value as others at lower cost to the firm Superior value • good product at lower price • superior product worth paying more for • attractive combination of price, features, quality, service McDonald's (pg 7) • minimize costs, ensure fast and consistent delivery of food with wide appeal, low prices • name recognition, reputation for tasty, quick service food, volume advantage Competitive advantage sustainable • give buyers lasting reasons to prefer a company's products/service over those of competitors - reasons that competitors are unable to nullify or overcome despite their best efforts Strategic approaches to setting company apart from rivals, building strong customer loyalty, winning a competitive advantage: 1. Be industry's low cost provider - aiming for a cost based competitive advantage over rivals = meeting customer needs efficiently 2. differentiating features = higher quality, wider product selection, added performance, value added services, more attractive styling, technological superiority -- drive up customers' willingness to pay higher prices, innovative 3. offering more value for the money = satisfying buyers expectations on key quality/features/performance/service attributes while beating their price expectations = best cost provider strategy = hybrid of 1 and 2 4. narrow market niche within an industry = 1) greater efficiency in serving a niche; 2) greater effectiveness in meeting the niche's special needs managers must be willing and ready to modify the strategy in response to changing market conditions, advancing technology, unexpected moves by competitors, shifting buyer needs emerging market opportunities, and mounting evidence that the strategy is not working well (pg 8) constantly evaluate what is working well and what needs to be improved = evolving strategy 1. proactive - planned initiatives to improve the company's financial performance and secure a competitive edge 2. reactive responses - unanticipated developments and fresh market conditions deliberate strategy (pg 9) • proactive strategy element planned and realized as planned • fresh strategic maneuver on the part of rival firms, unexpected shifts in customer require
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